Alteogen's shares have surged over 13% following strong first-half earnings and news of an increased stake by global asset management firm BlackRock, along with upward revisions of target prices by analysts.
As of 9:39 a.m. on the Korea Exchange, Alteogen's stock was trading at 344,750 won, up 39,750 won (13.03%) from the previous trading day. The stock has risen for seven consecutive trading days since July 31, nearing the 350,000 won mark.
On August 7, Alteogen announced its preliminary results, reporting consolidated revenue of 140.5 billion won, operating profit of 73.5 billion won, and net profit of 101.3 billion won for the first half of the year. Compared to the same period last year, revenue increased by 37%, operating profit by 21%, and net profit by 108%.
The increase in BlackRock's stake appears to have boosted investor sentiment. BlackRock Fund Advisors disclosed that it now holds 2,694,448 shares of Alteogen, raising its ownership stake to 5.03%. BlackRock stated that the purpose of the holding is for 'simple investment.'
Analysts are noting that Alteogen's growth in earnings is transitioning from one-time technology fees to recurring revenue from commercial product sales. Daishin Securities raised its target price for Alteogen by 6.6% to 410,000 won while maintaining a 'buy' rating.
Hong Ga-hye, a researcher at Daishin Securities, stated, "The strong sales of Keytruda and Curex are driving revenue-linked milestones, and the expansion into new modalities such as RNA is expected to create additional contract momentum."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.