On September 17, LEADS BIOLABS-B rose 5.55% in regular trading, trading at 57.0 HKD/share, with turnover of approximately 53.75 million HKD. The rebound follows two consecutive trading days of decline after the company released clinical data at the WCLC conference.

On September 14, the company presented updated Phase II data for its core product Welishen (opatuzumab, a PD-L1/4-1BB bispecific antibody) combined with chemotherapy as first-line treatment for NSCLC at the World Lung Cancer Conference. The data showed an overall ORR of 71.0%, with the non-squamous NSCLC PD-L1-positive subgroup achieving an ORR of 81.8%, DCR of 100.0%, and a 6-month PFS rate of 90.0%, with a favorable safety profile. Despite the positive results, the stock exhibited a classic sell-the-news pattern, surging to a high of 65.75 HKD on September 15 before pulling back over 18% across two sessions.

CLSA previously raised its target price for the company to 116.9 HKD, maintaining an Outperform rating. The company is actively advancing Phase III clinical trial planning for Welishen in first-line NSCLC, with IND submission anticipated in the first half of next year.

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