EF Hutton says Apollomics announced “very positive” news this morning, regarding what the firm believes to be its highest potential drug candidate, vebreltinib. The company’s partner, Avistone Biotechnology, recently received conditional approval from Chinese National Medical Products Administration to commercialize vebreltinib in China to treat patients with MET exon 14 skipping non-small cell lung cancer. The analyst notes that Apollomics retains the exclusive rights to the rest of the world, including the U.S. The China approval achievement is a step for Apollomics to seek FDA approval of vebreltinib for NSCLC, the analyst tells investors in a research note. EF reiterates a Buy rating on the shares with an $11 price target. The stock in midday trading is up 14% to 99c.
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