[Special Stock] Alteogen Turns Bearish in One Day... Returns to 5th in Market Cap

[Asia Economy Reporter Song Hwajeong] Alteogen, which regained the 4th place in KOSDAQ market capitalization after a sharp rise the previous day, turned bearish in just one day.

As of 9:23 a.m. on the 2nd, Alteogen was trading at 171,000 KRW, down 2.52% (4,400 KRW) from the previous day. Alteogen had closed up 8.59% the day before, reclaiming the 4th place in market capitalization.

After reaching a high of 228,000 KRW during intraday trading in September, Alteogen had been showing a consistent downtrend. Recently, it has attempted to recover its stock price but has not gained upward momentum. The stock price has risen about 10% compared to a month ago.

Although Alteogen’s stock price is not showing a rapid recovery, there are expectations that it will regain the 200,000 KRW level due to optimism about biosimilars. Researcher Lee Dong-geon of Shinhan Financial Investment said, "With the full-scale entry into the biosimilar market and the value of shares upon the subsidiary’s listing, attention is needed," adding, "Considering the revaluation of biosimilar value, we are raising the target price to 200,000 KRW."

On the 9th of last month, Alteogen announced the establishment of Altos Biologics, a subsidiary specializing in the development and marketing of biosimilars. This subsidiary will be responsible for conducting global Phase 3 clinical trials for the Eylea biosimilar 'ALT-L9,' excluding the Herceptin SC biosimilar, which is currently under technology transfer discussions. Researcher Lee explained, "The establishment of this subsidiary signifies the full-scale entry into the biosimilar market," and added, "Considering the increase in subsidiary value due to the addition of new biosimilar pipelines and the possibility of listing, Alteogen’s share value will be further highlighted."

Researcher Lee also stated, "In the mid to long term, there is an expectation to enter the global hyaluronidase standalone market worth about 1 trillion KRW, including beauty and pain relief, through securing a new factory," and added, "There is ample room for further upward revision of the target price in the future."