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DS Investment Securities Raises Hanmi Pharmaceutical Target Price on Obesity Drug Licensing Deal
Health Technology · Pharmaceuticals: Major · yonhap_finance · 2026-08-24
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DS Investment Securities raised Hanmi Pharmaceutical's target price to 720,000 KRW, citing increased clinical success potential following a major licensing deal.
What Happened
Target Price Adjustment: DS Investment Securities has maintained a 'Buy' rating on Hanmi Pharmaceutical while raising its target price from 680,000 KRW to 720,000 KRW. The upgrade reflects the positive valuation impact of the company's recent strategic licensing agreement with Genentech.
Licensing Deal Significance: Hanmi Pharmaceutical recently signed a deal with Genentech to license its obesity and type 2 diabetes candidate 'HM17321', with a total contract value of up to $2.3 billion. This partnership has increased the likelihood of successful clinical trials and led to a revaluation of the company's pipeline assets.
Future Growth Catalysts: The company is poised for further value appreciation with the upcoming launch of its obesity drug, Efpeglenatide, in Q4 and the release of Phase 2 clinical data for 'HM15275' in the first half of next year. These milestones are expected to strengthen Hanmi's position in the global obesity treatment market.
Subsidiary Challenges: Investors should remain cautious regarding the ongoing earnings slump at Beijing Hanmi, a key subsidiary. The impact of China's centralized drug procurement policy and seasonal weakness has significantly hampered the subsidiary's operating profit, representing a lingering risk to overall performance.