Intel stock extends gains after report of possible U.S. government stake
Investing.com - UBS initiated coverage on Alteogen Inc (KS:196170) with a Sell rating and a price target of KRW270,000.00 on Wednesday.
The investment bank cited concerns that market optimism regarding Alteogen’s growth trajectory is elevated, warning of potential downside risk starting in the fourth quarter of 2025 when revenue ramp-up begins in earnest.
UBS noted that Alteogen shares have surged approximately 450% since early 2024, which according to the firm’s pipeline net present value analysis, has pushed the stock well beyond fair value.
The bank’s analysis indicates that the highly anticipated Keytruda subcutaneous (SC) formulation accounts for only about 13% of Alteogen’s market capitalization, compared to consensus estimates attributing 30% based on optimistic monetization projections.
UBS also highlighted that Alteogen lacks a clear terminal growth story beyond its SC platform, Hybrozyme (ALT-B4, hyaluronidase), which faces limitations due to its finite patent protection.
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