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Daiwa's Downgrade: Daiwa downgraded AKESO from Buy to Hold due to a lack of short-term catalysts, particularly focusing on the company's reliance on its drug Ivonescimab for growth.

Upcoming Data Release: The next significant event for AKESO is the anticipated release of HARMONi-3 'progression-free survival' data by the end of the year, which could influence future performance.

Target Price Adjustment: Despite the downgrade, Daiwa raised AKESO's target price from $100 to $116, citing higher licensing revenue forecasts from global sales of Ivonescimab.

Market Activity: AKESO has seen significant short selling activity, with a short selling amount of $62.34 million and a ratio of 11.54%.

Market Overview: JPMorgan's report indicates that the Chinese healthcare sector has seen a retreat due to price negotiations and profit-taking, but the fundamentals remain strong, presenting a buying opportunity for 2026.

Stock Recommendations: The broker favors biotechnology and CXO sectors, highlighting top picks such as INNOVENT BIO, SKB BIO-B, WUXI APPTEC, and WUXI XDC, along with a positive outlook for MEDBOT-B in medical technology.

Target Price Adjustments: JPMorgan has adjusted target prices for several stocks, lowering AKESO's target from HKD166 to HKD149 while maintaining an Overweight rating, and slightly increasing INNOVENT BIO's target from HKD110 to HKD111.

Performance Metrics: The report includes short selling data for the highlighted stocks, indicating varying levels of short interest, with WUXI APPTEC and WUXI XDC showing significant short selling ratios.