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Shinhan Securities Trims Alteogen Price Target Following Clinical Trial Setback
Health Technology · Biotechnology · yonhap_finance · 2026-09-08
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Shinhan Securities lowered its target price for Alteogen to 520,000 KRW after a drug candidate in its Novartis licensing deal failed a Phase 3 trial.
What Happened
Price Target Adjustment: Shinhan Securities has lowered its target price for Alteogen from 540,000 KRW to 520,000 KRW, representing a 3.7% decrease. This adjustment follows the failure of 'Del-desiran,' one of the candidates in the licensing agreement with Novartis, to meet its primary endpoint in a Phase 3 clinical trial.
Contractual Impact: Analysts clarified that the clinical failure does not affect the overall value or terms of the existing 4.4 trillion KRW licensing deal with Novartis. While the number of confirmed subcutaneous (SC) conversion candidates has decreased from three to two, the core agreement remains intact.
Future Outlook: Alteogen continues to advance other promising candidates such as 'Del-zota' and 'Del-brax.' The brokerage firm maintains a 'Buy' rating, citing the potential for SC development across a broader pipeline, including antibody-drug conjugates (ADCs) and bispecific antibodies.
Market Sentiment: The revision is viewed as a technical adjustment to valuation rather than a fundamental issue. Alteogen remains a top pick within the sector, with analysts expressing confidence in the company's long-term development pipeline.
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