Akeso, Inc. (Stock code: 9926.HK) staged a strong session in Hong Kong on Thursday, 27 November 2025, with the biotech stock trading sharply higher as derivatives tied to its shares expanded and investors continued to digest a wave of positive clinical and regulatory news from the past two months.
As of 03:15 GMT on Thursday, Akeso shares changed hands at HK$125.50, up HK$4.90 on the day (about +4.1%), with around 5.5 million shares traded and a market capitalization of roughly HK$103.6 billion. [1] The move leaves the stock more than 60% higher over the past year, but still about 30% below its 52‑week high of HK$179, set on 27 August 2025. [2]
Alongside the price action, the Hong Kong Exchange today listed a new call warrant over Akeso shares, giving traders additional leveraged exposure to the fast‑growing oncology group. [3]
Akeso Stock on 27 November 2025: Key Numbers
Based on data from the Financial Times markets page, delayed by at least 15 minutes and timestamped 27 November 2025, 03:15 GMT, Akeso’s trading snapshot looks like this: [4]
- Last price: HK$125.50
- Today’s change: +HK$4.90 / +4.06%
- Intraday range: HK$120.50 – HK$126.90
- Previous close: HK$120.60
- Volume: 5.51 million shares
- 1‑year change: +61.83%
- 52‑week range: HK$54.00 (13 Jan 2025) – HK$179.00 (27 Aug 2025)
- Market cap: ~HK$103.63 billion
- EPS (TTM): –HK$1.05 (still loss‑making)
Those numbers underscore how far the stock has run since early 2025: it now trades well above its January low yet remains meaningfully below its August peak, leaving room for both bullish and cautious interpretations. [5]
Today’s Fresh News: New CIAKESO Call Warrant Lists on HKEX
The most tangible 27 November 2025 development around Akeso is on the derivatives side rather than a new company press release.
The Hong Kong Exchange’s structured products page shows that CITIC Securities Brokerage (HK) Ltd. has listed a new call derivative warrant over Akeso shares, with the following key terms: [6]
- Warrant name:CIAKESO@EC2605A
- Code: 22925
- Underlying: 09926 – AKESO
- Type: Call, European‑style, cash‑settled
- Strike price:HK$163.68
- Entitlement ratio: 100 (typically meaning 100 warrants represent the right over 1 share)
- Issue price: HK$0.15 per warrant
- Listing date:27 November 2025
- Maturity date:6 May 2026
- Issue size: 70,000,000 units
The warrant is deeply out‑of‑the‑money relative to today’s HK$125.50 spot price, implying it is primarily a high‑beta trading instrument for investors expecting substantial upside or volatility in Akeso over the coming months.
The listing itself is not a fundamental event for Akeso, but it does signal continued demand from structured‑product issuers and traders to gain leveraged exposure to the name. In practice, active warrant trading can sometimes add to short‑term volatility in the underlying stock as market makers hedge their positions.
Why Akeso Is in the Spotlight: A Wave of Q4 2025 Pipeline Catalysts
While there is no new company press release dated 27 November 2025, today’s move comes on the heels of a concentrated cluster of positive clinical and regulatory milestones in October and November. Akeso’s own newsfeed highlights just how busy the past six weeks have been. [7]
1. Alzheimer’s bispecific antibody AK152 enters the clinic
On 17 November 2025, Akeso announced that AK152, a novel bispecific antibody targeting amyloid‑beta (Aβ) and a receptor expressed on the blood–brain barrier (BBB), had been approved for clinical trials in Alzheimer’s disease in China. [8]
This program pushes Akeso’s bispecific technology into neurodegeneration, a major diversification beyond oncology. For investors, it underlines management’s ambition to leverage its antibody platform across multiple high‑value therapeutic areas.
2. First personalized mRNA vaccine trial (AK154) in pancreatic cancer
On 10 November 2025, Akeso reported that the first patient was dosed in a Phase I trial of personalized mRNA vaccine AK154, used either as a monotherapy or combined with its bispecific antibodies cadonilimab and ivonescimab for adjuvant treatment of pancreatic cancer. [9]
Preclinical data suggest AK154 can stimulate a strong immune response and works synergistically with Akeso’s bispecifics, potentially opening a new front in personalized cancer immunotherapy.
3. SITC 2025: Final overall survival data from HARMONi‑A
At the SITC 2025 oncology meeting in early November, Akeso presented the final overall survival (OS) analysis from the Phase III HARMONi‑A study, evaluating ivonescimab plus chemotherapy in EGFR‑mutated non‑small cell lung cancer (NSCLC) after EGFR‑TKI progression. [10]
Akeso reported an OS hazard ratio of 0.74 for the ivonescimab arm, a statistically significant survival benefit that strengthens the case for broader regulatory submissions and real‑world uptake in China and internationally. [11]
4. Fourth Breakthrough Therapy Designation for ivonescimab (TNBC)
On 2–3 November 2025, Akeso announced that ivonescimab, in combination with chemotherapy, received its fourth Breakthrough Therapy Designation in China—this time for first‑line treatment of triple‑negative breast cancer (TNBC). [12]
The designation from China’s Center for Drug Evaluation (CDE) reflects both the unmet need in TNBC and the strength of Akeso’s clinical data, and it can accelerate review timelines and commercial uptake if subsequent trials remain positive.
5. ESMO 2025: HARMONi‑6 and COMPASSION‑15 strengthen the bispecific franchise
At ESMO 2025 in October, Akeso released multiple high‑impact datasets:
- HARMONi‑6 (AK112/ivonescimab in 1L squamous NSCLC): The company reported a median progression‑free survival (mPFS) of 11.14 months, with a hazard ratio of 0.60 and p<0.0001, demonstrating a 40% reduction in risk of disease progression or death versus the comparator regimen built around tislelizumab plus chemotherapy. [13]
- COMPASSION‑15 (cadonilimab in first‑line gastric/GEJ cancer): Final analysis showed a significant overall survival benefit when cadonilimab was added to oxaliplatin and capecitabine as first‑line treatment for advanced gastric or gastroesophageal junction adenocarcinoma. [14]
Together, these results reinforce Akeso’s positioning as a global leader in immuno‑oncology bispecific antibodies, with late‑stage data across multiple tumor types.
Business and Financial Backdrop: Rapid Growth, Ongoing Losses
Beyond the clinic, Akeso’s 2025 interim results, released in August, give context to today’s valuation. For the first half of 2025, the company reported: [15]
- Commercial sales (net of distribution costs): RMB 1.40 billion, up 49.2% from RMB 939.4 million in 1H 2024
- Strong growth driven by expanding indications and broader reimbursement coverage for its lead products, including cadonilimab and ivonescimab
Despite the robust top‑line expansion, Akeso remains unprofitable, reflecting heavy R&D and commercialization spending. Full‑year 2024 results showed a net loss per share of roughly CNY 0.60 versus a profit in 2023, a turnaround often seen in high‑growth biotech names scaling their global footprint. [16]
Crucially, both cadonilimab and ivonescimab were added to China’s National Reimbursement Drug List (NRDL) in late 2024, with changes effective from 1 January 2025, significantly improving affordability and coverage for patients in their key indications. [17] While NRDL inclusion typically comes with price cuts, it can drive substantial volume growth, helping explain this year’s near‑50% jump in commercial sales.
How Analysts and Commentators View Akeso Stock
Recent third‑party commentary paints Akeso as a high‑potential but high‑risk growth story.
- A Simply Wall St narrative published on 13 November 2025 notes that Akeso’s early November announcements—AK154’s first‑in‑human dosing, supportive overall‑survival data for ivonescimab, and new preclinical results for antibody AK135—have sharpened the bull case, but also highlighted ongoing dependence on a few core products and continued losses. [18]
- Their model projects Akeso reaching around CNY 8 billion in revenue and CNY 2 billion in earnings by 2028, implying mid‑50% annual revenue growth, and suggests a fundamental fair value near HK$172, roughly mid‑double‑digit upside from recent prices. [19]
- Brokerage data compiled on platforms such as Longbridge show a “Strong Buy” consensus rating, with an average target price around HK$187.65; a Morgan Stanley analyst recently reiterated an Overweight/Buy view with a HK$215 price target, reflecting confidence in the bispecific portfolio’s revenue potential despite competitive pressure in PD‑1 and other immunotherapies. [20]
At the same time, other analysts and investors have flagged execution risks. Articles on Summit Therapeutics—the U.S. partner co‑developing ivonescimab globally—have pointed out that mixed overall survival data in one major trial and cautious FDA feedback could slow or limit U.S. approvals, even as Chinese and regional adoption advances. [21]
The takeaway: sentiment is broadly positive, but the valuation already embeds high expectations for ivonescimab and cadonilimab to translate clinical success into sustained, global commercial traction.
Volatility Check: Remember April’s Sell‑Off
Today’s 4% gain sits within a year marked by significant volatility. Back on 28 April 2025, Akeso shares fell as much as 19% in a single session after preliminary data for a cancer drug trial fell short of market expectations, a reminder of how binary biotech events can rapidly re‑price even high‑quality names. [22]
That episode underlines a key point for anyone following Akeso stock:
even with a strong platform and multiple late‑stage programs, trial outcomes, regulatory decisions and competitive data can swing the narrative quickly in either direction.
With the stock now well off its 52‑week low but below its August high, the risk‑reward profile is finely balanced between continued execution on its ambitious pipeline and the ever‑present possibility of disappointing data or slower‑than‑expected global adoption.
What Today’s Move Means for Akeso, Inc. Investors
Putting it all together, here’s how 27 November 2025 looks for Akeso shareholders and watchers:
- Price action is supportive. A roughly 4% gain to HK$125.50, on moderate volume, extends Akeso’s strong year‑on‑year performance and suggests ongoing institutional and retail interest following a dense run of positive news. [23]
- New derivatives broaden trading tools. The listing of CIAKESO@EC2605A, a new call warrant maturing in May 2026, adds leveraged long exposure for short‑term traders and may contribute to higher intraday volatility as market makers hedge. [24]
- Fundamentals are moving fast. In just six weeks, Akeso has:
- Reported OS‑positive Phase III data for ivonescimab (HARMONi‑A)
- Showcased strong PFS results from HARMONi‑6 and OS benefit from COMPASSION‑15 at ESMO
- Secured a fourth Breakthrough Therapy Designation for ivonescimab in TNBC
- Initiated trials for a personalized mRNA vaccine (AK154)
- Gained approval to start an Alzheimer’s bispecific (AK152) trial in China [25]
- Financials are scaling, but profits are not (yet). Commercial sales are growing close to 50% year‑on‑year, thanks in part to NRDL reimbursement, but Akeso remains loss‑making, with negative EPS and heavy R&D commitments. [26]
- Valuation assumes success, not perfection. Analyst targets in the HK$170–215 range and fair‑value models implying mid‑double‑digit upside assume that ivonescimab, cadonilimab and newer assets will continue to clear regulatory hurdles and build share—but they also acknowledge meaningful clinical and commercialization risk. [27]
References
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