Alteogen Succeeds in Rebound Amid Foreign and Institutional Love Calls

8 Consecutive Trading Days of Gains Until Yesterday
Recovery of the 90,000 Won Level in Sight

[Asia Economy Reporter Song Hwajeong] Amid the ongoing correction of bio stocks, Alteogen is recently rebounding thanks to buying pressure from foreigners and institutions.

As of 10:01 AM on the 10th, Alteogen was trading at 87,600 KRW, up 500 KRW (0.57%) from the previous day. Alteogen started the day on an upward trend, briefly turning downward as the overall market showed weakness, but then returned to an upward trend.

Alteogen has risen for eight consecutive trading days until the previous day. After recovering to the 80,000 KRW range, it has steadily increased and is now close to regaining the 90,000 KRW level. The stock price of Alteogen, which was in the 170,000 KRW range at the beginning of the year, was adjusted below 100,000 KRW following a bonus issue, and then repeatedly weakened, falling to the 60,000 KRW range. With the recent price increase, it has re-entered the top 10 in KOSDAQ market capitalization. Its ranking, which was 15th earlier this month, rose five places to 10th.

The rebound was driven by buying from institutions and foreigners. Institutions have been net buyers of Alteogen for the past 10 trading days, and foreigners for four consecutive trading days.

Recent positive developments are interpreted as momentum for the stock price rebound. Early last month, ALT-B5, a treatment for acromegaly with extended in vivo persistence, was selected for the ‘2021 1st National New Drug Development Project’ by the Korea Drug Development Fund (KDDF). Furthermore, it is known that next year, clinical phase 3 trials for the age-related macular degeneration treatment Eylea biosimilar will begin in 22 countries, positively impacting the stock price. Hyemyung Eom, a researcher at Hyundai Motor Securities, said, "We expect the submission of the Investigational New Drug (IND) application for the Eylea biosimilar phase 3 clinical trial and milestone payments after licensing agreements within this year." He added, "Material Transfer Agreements (MTA) involving global pharmaceutical companies are under negotiation, which will continue the momentum along with the Eylea biosimilar."

The stock price is expected to follow an upward curve. Hyemin Heo, a researcher at Kiwoom Securities, forecasted, "Although Alteogen’s stock price sharply declined compared to the beginning of the year due to a lack of momentum, the entry of platform materials licensed out in the fourth quarter into clinical trials and expectations for technology transfers next year will stabilize the stock price and lead to an upward trend."

This content was produced with the assistance of AI translation services.