Alteogen's stock has reversed course after seven consecutive days of gains. The recent sharp rise in share price appears to have triggered profit-taking.
As of 1:13 PM on the Korea Exchange, Alteogen shares were trading at 323,000 won, down 25,000 won (7.18%) from the previous trading day.
From July 31 to August 10, Alteogen's stock rose for seven straight trading days. The share price increased from 308,500 won on July 31 to 347,000 won on August 4, before adjusting to 277,000 won on August 5 due to the impact of a rights offering. The stock then rebounded to 293,500 won on August 6, 305,000 won on August 7, and reached 348,000 won on August 10, surging 14.10% in just one day.
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%. Analysts note that Alteogen's growth is driven by recurring revenue from commercial product sales, beyond one-time technology fees. Daishin Securities raised its target price for Alteogen by 6.6% to 410,000 won while maintaining a 'buy' rating.
Additionally, BlackRock is reported to hold a 5% stake in Alteogen, which has heightened expectations of interest from global institutional investors. However, the recent surge in stock price has led to increased profit-taking pressure, contributing to today's decline.
* This article has been translated by AI.
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