Hana Securities said on the 28th that research and development (R&D) events remain for Hanmi Pharmaceutical as the clinical results for its obesity treatment candidate under development showed no shortcomings. It kept a Buy rating and raised the target price to 500,000 won from 420,000 won. The previous trading day's closing price of Hanmi Pharmaceutical was 428,000 won.
Kim Seon-a, an analyst at Hana Securities, said, "We confirmed the flawless clinical results of the obesity treatment candidate 'efpeglenatide,' removing discount factors," and added, "We raised the target price to reflect the overall rise in peer valuation."
Earlier, Hanmi Pharmaceutical disclosed on the 27th that 'efpeglenatide' demonstrated up to 30% weight loss in a domestic phase 3 clinical trial. Efpeglenatide is an obesity treatment administered as a once-weekly subcutaneous (SC) injection, and Hanmi Pharmaceutical has been conducting a domestic multi-center phase 3 trial since 2023 in adult patients with obesity without diabetes.
With these clinical results, Hanmi Pharmaceutical first plans to apply for domestic marketing approval within the year. It will also conduct an additional 24-week assessment after 40 weeks of treatment. In addition, it aims to obtain domestic marketing approval by mid-next year and launch in the second half.
Kim emphasized that notable events still remain. Kim said, "There is news of the global trial completion for the MASH treatment 'efinopegdutide,' which was out-licensed to Merck (MSD)," and noted, "Accordingly, we can expect next year's result announcement and milestone receipt."
Kim added, "Next year, announcements are also scheduled for multiple metabolic-disease pipeline readouts, including the global phase 2 trial of the triple agonist 'efosipegtrutide' and the U.S. phase 1 trial of the muscle-enhancing agent 'HM17321.'"