Akeso (SEHK:9926) Valuation Check After New HARMONi-2 Quality Of Life And Survival Data

Akeso (SEHK:9926) is back in focus after new HARMONi-2 data at the 2026 European Lung Cancer Congress showed its PD-1/VEGF antibody ivonescimab improved both progression-free survival and health-related quality of life versus pembrolizumab.

See our latest analysis for Akeso.

The new HARMONi-2 data and recent China approvals are landing alongside strong momentum, with a 30-day share price return of 30.94% and a 1-year total shareholder return of 63.56%, pointing to rising investor risk appetite around Akeso's pipeline.

If this oncology story has your attention, it may be a good moment to size up other healthcare AI opportunities using our screener for 125 healthcare AI stocks

With Akeso trading at HK$140.50, sitting at roughly a 27% discount to one intrinsic value estimate and 22% below some analyst targets, you need to ask whether this oncology pipeline is still mispriced or if markets are already pricing in future growth.

Most Popular Narrative: 18.5% Undervalued

With Akeso at HK$140.50 versus a narrative fair value of HK$172.49, the most followed view sees meaningful upside anchored in its late stage pipeline.

The initiation and ongoing progress of numerous Phase III trials for cadonilimab and ivonescimab across various cancer types indicate potential future approvals that could enhance revenue streams and market positioning globally.

The company's strong R&D pipeline, including advanced bispecific antibodies and ADC candidates, provides a foundation for long-term growth, setting the stage for potential increases in net margins as products move from development to commercialization.

Read the complete narrative.

Curious how this pipeline view supports that HK$172.49 figure? The narrative leans heavily on rapid revenue expansion, margin uplift and a rich future earnings multiple. See our AI narrative and valuation for Akeso.

Result: Fair Value of HK$172.49 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, you also need to weigh the ongoing operating loss and heavy reliance on cadonilimab and ivonescimab, as pricing, competition or trial setbacks could quickly challenge this upside story.

Find out about the key risks to this Akeso narrative.

Another Angle on Valuation

That HK$172.49 fair value is supported by a discounted cash flow result. However, the current P/S ratio of 37.2x is roughly double the 18.1x fair ratio and is well above both the Hong Kong Biotechs average of 13.7x and the peer average of 19.4x. Is the market already front loading a lot of optimism?

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

The bullish tone of this story is clear. If it resonates, take a closer look at the assumptions and numbers yourself, then weigh them against the 2 key rewards.

Ready to find your next idea?

If this Akeso story has you thinking more broadly about opportunities, now is the moment to hunt for other stocks that could fit your portfolio before they move.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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