Why is Akeso stock rallying today?

Today, Akeso stock experienced a significant rally, climbing nearly 5.0% to trade at HK$94.8. The driving force behind this upward movement was a major cancer drug study conducted by the company, specifically the Phase III HARMONi-2 trial. During the 2026 World Conference on Lung Cancer in Seoul, Akeso disclosed comprehensive quantitative data from this pivotal study.

Crucial to the company's success was its bispecific antibody ivonescimab, which demonstrated a remarkable outcome: a median overall survival of 30.8 months compared to 22.6 months for the widely-used pembrolizumab. This 27% reduction in the risk of death among patients with PD-L1-positive advanced non-small cell lung cancer marked a significant breakthrough.

The presentation of these results at the WCLC conference was further bolstered by a favorable outlook from the investment community. Several prominent institutions, such as UBS, CICC, SDIC Securities, and Daiwa, had recently reaffirmed their Buy ratings on Akeso stock. This consensus among analysts created a supportive environment that amplified the impact of the study's findings.

Additionally, the U.S. Food and Drug Administration (FDA) had taken a positive step by accepting for filing a Biologics License Application (BLA) for ivonescimab in a related non-small cell lung cancer indication. With a target date of November 14, 2026, this regulatory approval presents a substantial near-term catalyst for the stock. Despite the rally, Akeso's performance proved more impressive than the broader market, which saw the Hang Seng index decline by 0.5%.