ANTENGENE-B (06996) surged over 10% in afternoon trading, closing up 9.09% at HK$7.2 with trading volume of HK$53.5485 million.

On the news front, ANTENGENE announced that its board of directors has resolved to approve the proposed exercise of its powers under the share repurchase mandate to repurchase shares in the open market from time to time based on market conditions, with a maximum total consideration of HK$40 million. The board believes that share repurchases under current circumstances demonstrate the company's confidence in its business prospects and outlook, and will ultimately benefit the company and create value for shareholders.

Additionally, ANTENGENE's ATG-022 recently received breakthrough therapy designation from the National Medical Products Administration's Center for Drug Evaluation for the treatment of CLDN18.2-positive, HER2-negative unresectable or metastatic gastric cancer or gastroesophageal junction adenocarcinoma (GC/GEJ) patients in two treatment settings.

BOCOM International issued a research report stating that it has raised its medium-to-long-term and peak sales forecasts for ATG-022 by nearly 30%, upgraded the company's DCF target price to HK$8.8, corresponding to a target market value of approximately HK$6 billion and 2.1 times peak price-to-sales ratio, while maintaining a "Buy" rating.