In today’s briefing:
- China Medical System (867 HK) – From an 8 to a 16 FPE
- Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth
- Cybin, Inc: CYB004 Completes Enrollment; Top-Line Read Expected in 1Q26
- LB Pharmaceuticals Inc. (LBRX): Strong Open, Schizophrenia Biotech Finds Early Momentum
China Medical System (867 HK) – From an 8 to a 16 FPE
- Since our initiation on 5 June 2024, China Medical Sytem’s share price is up 113% and the FPE has moved from less than 8 to close to 16 times.
- The gap valuation between US drug companies and CMS has largely closed with CMS trading at a premium to a number of US counterparts.
- The earnings outlook is largely flat since the initiation, implying the share price appreciation has been driven by a re-rating.
Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth
- Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
- Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
- Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.
Cybin, Inc: CYB004 Completes Enrollment; Top-Line Read Expected in 1Q26
- CYB004 completes patient enrollment to push Phase 2 study toward the finish line.
- Cybin has confirmed that it has enrolled its 36th and final patient for its Phase 2 CYB004 program to evaluate the safety and efficacy of its proprietary short-acting deuterated version of DMT for the treatment of generalized anxiety disorder (GAD) at six and 12 weeks after first dose.
- Top-line data of the Phase 2 study is expected to be forthcoming in 1Q26.
LB Pharmaceuticals Inc. (LBRX): Strong Open, Schizophrenia Biotech Finds Early Momentum
- LB Pharmaceuticals (LBRX) priced an upsized IPO of 19.0 million shares at the midpoint of the range, $15.00. Shares opened at $19.00, delivering a +26.7% gain at first trade.
- Existing shareholders in previous rounds were likely anchoring the stock and providing stabilization in its debut.
- We expect short-term trading to follow the broader biotech sector trend, with catalysts tied directly to clinical and regulatory developments.
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