Ascentage Pharma's Olverembatinib Shows Significant Efficacy with 21.2 Months EFS

Oppenheimer analyst Matthew Biegler initiated coverage of Ascentage Pharma with an Outperform rating and $45 price target. The firm believes Ascentage has the potential to become the next BeOne. To get there, they're taking a page from BeOne's playbook. Better drugs, focusing on chronic blood cancers with large TAMs, Oppenheimer argues, adding that olverembatinib looks like a best-in-class BCR-ABL inhibitor. Separately, Ascentage's BCL-2 inhibitor lisaftoclax is taking aim at BeOne's biggest market: Chronic Lymphocytic Leukemia. The firm believes lisaftoclax' tolerability could enable it to make inroads into an indication where other BCL-2 inhibitors have failed, namely Myelodysplastic syndrome.