[Feature Stock] Proteina Rises After Multinational Pharma Contract

As of 9:32 a.m. on September 23, shares of Proteina on the KOSDAQ market were trading at 40,400 won, up 20.96% from the previous day's closing price. The stock appears to be gaining momentum following the announcement on September 17 of a supply contract worth 1.2 billion won with a multinational pharmaceutical company.

Founded in 2015 by faculty members from KAIST, Proteina is a protein big data company specializing in the analysis of protein-protein interactions (PPI). Based on its Single-Particle Interaction Detection (SPID) platform, the company quantifies protein interactions in various analytical samples and utilizes this data in new drug development. Accurately identifying the composition and interaction networks of protein complexes not only aids in discovering disease targets but also improves the accuracy of biomarker development and drug modulator design, thereby increasing the likelihood of successful new drug development.

Earlier this month, Proteina drew attention after receiving investment from JP Morgan. On September 3, JP Morgan Asset Management Asia-Pacific branch disclosed that it held a 5.16% stake (560,500 shares) in Proteina. The share price surged afterward. However, after the company announced on September 10 that JP Morgan had reduced its stake to 2.89% (314,471 shares) through on-market sales, the stock price declined.

On September 17, Proteina announced that it had signed a clinical sample analysis service supply contract worth 1.2 billion won with a U.S.-based multinational pharmaceutical company. The contract amount is 1,174.96 million won, equivalent to 51.06% of last year's revenue. The contract period runs until December 31, 2028. As Proteina's technological capabilities are being substantiated through actual sales, the share price has been rising since the announcement.

However, Proteina still faces an overhang issue. On September 29, 14.1% of its outstanding shares will be released from mandatory holding agreements, with an additional 16.5% set to be released on October 29. These upcoming releases could put short-term pressure on the stock price.