The stock price of Alteogen, the top biotech company by market capitalization on the KOSDAQ, has risen by more than 4% in the early trading.
According to the Korea Exchange on the 29th, as of 9:30 a.m. that day, the stock price of Alteogen recorded 435,500 won, up 4.19% (17,500 won) from the previous trading day.
That day, the stock price of Alteogen started at 437,500 won and even rose to 446,500 during the trading session.
It is interpreted that the rise in stock prices was driven by buy recommendations from foreign securities firms. On that day, CLSA set a target price of 580,000 won and issued an investment opinion of 'outperform.'
CLSA noted, 'The ALT-B4 technology, which converts Alteogen's intravenous injection (IV) to subcutaneous injection (SC), is emerging as a technology crucial for the survival of big pharma.'
Meanwhile, it was reported that Alteogen is pushing for a transfer to the KOSPI. In a recent shareholder notice, it stated, 'We will strive to promote it as soon as possible.'