Alphamab Oncology (HK:9966)
:9966
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Alphamab Oncology
(9966)
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Rating:46Neutral
Price Target:
HK$6.50
▼(-45.38% Downside)
Action:Reiterated
Date:06/23/26
The score is weighed down primarily by volatile financial performance and renewed 2025 cash burn alongside a return to losses, despite a relatively strong low-debt balance sheet. Technicals also remain weak with price below all key moving averages and negative momentum. Valuation offers limited support because the company is loss-making (negative P/E) and no dividend yield is provided.
Positive Factors
High gross margins
A ~77% gross margin is structurally supportive for a biologics firm: it indicates strong product-level economics and pricing power. High gross margins give room to invest in R&D and commercialization while preserving operating leverage if revenue growth resumes.
Negative Factors
Volatile revenue and return to losses
A ~30% revenue drop and a return to ~111M net loss in 2025 show earnings instability. Persistent volatility undermines the company’s ability to plan commercialization spending, attract stable partners, and demonstrates execution risk that can persist across multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
A ~77% gross margin is structurally supportive for a biologics firm: it indicates strong product-level economics and pricing power. High gross margins give room to invest in R&D and commercialization while preserving operating leverage if revenue growth resumes.
Read all positive factors
Alphamab Oncology (9966) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$6.57B
Dividend YieldN/A
Average Volume (3M)3.94M
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue Growth-11.65%
EPS Growth-169.40%
CountryHK
Employees420
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.11
Shares Outstanding974,381,700
10 Day Avg. Volume3,868,184
30 Day Avg. Volume3,937,702
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)4.94
Price to Sales (P/S)15.34
P/FCF Ratio-55.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.15
Revenue Forecast (FY)HK$392.45M
Alphamab Oncology Business Overview & Revenue Model
Company Description
Alphamab Oncology operates as a clinical-stage biopharmaceutical company, specializing in the identification, advancement, production, and market introduction of biological therapies for cancer. Its comprehensive product pipeline includes several ...
How the Company Makes Money
null...
Alphamab Oncology Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
74
Positive
Cash Flow
39
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 551.58M | 640.08M | 218.77M | 166.84M | 146.02M |
| Gross Profit | 426.67M | 579.77M | 163.54M | 122.64M | 142.99M |
| EBITDA | -86.31M | 156.79M | -129.30M | -391.83M | -358.13M |
| Net Income | -110.99M | 166.34M | -210.59M | -325.72M | -412.42M |
Balance Sheet | |||||
| Total Assets | 2.10B | 2.24B | 2.14B | 2.12B | 2.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.35B | 1.57B | 1.41B | 1.35B | 1.99B |
| Total Debt | 123.03M | 185.96M | 257.08M | 345.39M | 637.27M |
| Total Liabilities | 386.33M | 409.87M | 465.00M | 559.86M | 834.80M |
| Stockholders Equity | 1.71B | 1.83B | 1.67B | 1.56B | 1.87B |
Cash Flow | |||||
| Free Cash Flow | -153.48M | 190.56M | -239.02M | -429.96M | -478.72M |
| Operating Cash Flow | -121.89M | 212.34M | -202.84M | -300.31M | -320.60M |
| Investing Cash Flow | -628.85M | -92.93M | -18.11M | 850.76M | 574.26M |
| Financing Cash Flow | -98.31M | -98.96M | 218.07M | -310.90M | 363.90M |
Alphamab Oncology Technical Analysis
Negative
11.90
Price Trends
8.98
Negative
8.86
Negative
10.00
Negative
Market Momentum
-0.52
Negative
37.32
Neutral
39.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9966, the sentiment is Negative. The current price of 11.9 is above the 20-day moving average (MA) of 7.21, above the 50-day MA of 8.98, and above the 200-day MA of 10.00, indicating a bearish trend. The MACD of -0.52 indicates Negative momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 39.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9966.
Alphamab Oncology Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | HK$30.26B | 31.66 | 23.99% | ― | 16.65% | 0.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$60.54B | 49.56 | 42.27% | ― | 80.08% | ― | |
46 Neutral | HK$6.57B | -54.37 | -6.26% | ― | -11.65% | -169.40% | |
44 Neutral | HK$7.92B | -63.18 | -11.21% | ― | 219.26% | 87.63% | |
42 Neutral | HK$30.17B | -45.66 | -10.78% | ― | 34.19% | 47.97% | |
41 Neutral | HK$6.96B | -18.21 | -64.78% | ― | -33.37% | -344.90% |
* Healthcare Sector Average
HK:9966
Alphamab Oncology
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Alphamab Oncology Corporate Events
Alphamab Oncology Gains Strong Shareholder Backing for Capital Mandates and Board Re-elections
Jun 12, 2026
Alphamab Oncology reported that shareholders approved all resolutions at its annual general meeting held on June 12, 2026, including adoption of the 2025 financial statements and broad mandates for share repurchases and new share issuances. The co...
Alphamab’s Anbenitamab Scores Phase III Win in HER2+ Breast Cancer
Jun 10, 2026
Alphamab Oncology announced that a phase III clinical trial of its bispecific antibody Anbenitamab (KN026), developed with CSPC subsidiary JMT-Bio, met its primary endpoint as a first-line treatment for HER2-positive advanced breast cancer when co...
Alphamab Executives Lift Stakes as HER2 Oncology Pipeline Advances
Jun 5, 2026
Alphamab Oncology’s chief executive and controlling shareholder, Dr. Xu Ting, has increased his stake in the company by purchasing 554,000 shares on the open market, while other members of management acquired an additional 122,000 shares, fo...
Alphamab Oncology Reports Promising Phase I Data for Bispecific ADC JSKN016 in HER2-Negative Breast Cancer
Jun 2, 2026
Alphamab Oncology reported updated phase I data for its bispecific antibody-drug conjugate JSKN016, targeting TROP2 and HER3, in patients with HER2-negative locally advanced or metastatic breast cancer. The results, presented at the 2026 ASCO Annu...
Alphamab’s Anbenitamab Delivers Superior Phase III Results in HER2-Positive Breast Cancer
Jun 1, 2026
Alphamab Oncology reported positive phase III results for its bispecific antibody Anbenitamab (KN026), co-developed with CSPC’s JMT-Bio, as a neoadjuvant treatment for early and locally advanced HER2-positive breast cancer. The data were pre...
Alphamab Wins China Approval for First HER2 Bispecific Antibody in Gastric Cancer
May 29, 2026
Alphamab Oncology announced that its HER2 bispecific antibody Anbenitamab injection, co-developed with CSPC subsidiary JMT-Bio, has received marketing approval from China’s National Medical Products Administration. The drug is cleared for us...
Alphamab Oncology Sets AGM to Seek Share Buyback and Issuance Mandates
May 20, 2026
Alphamab Oncology has convened its annual general meeting for June 12, 2026 in Suzhou, where shareholders will review the audited consolidated financial statements and directors’ and auditors’ reports for the year ended December 31, 20...
Alphamab Doses First Patient in Phase II Trial of JSKN033 for Advanced Cervical Cancer
May 13, 2026
Alphamab Oncology has initiated a phase II clinical study in which the first patient has been dosed with JSKN033, a high-concentration subcutaneous co-formulation combining a HER2 bispecific ADC and a PD-L1 inhibitor, alongside platinum-based chem...
Alphamab Oncology Grants 250,000 Restricted Award Shares to Key Employees
Apr 23, 2026
Alphamab Oncology has granted 250,000 award shares under its restricted share award scheme to two group employees, with no purchase price and a nominal overall consideration, as part of a long-term incentive arrangement. The shares, satisfied thro...
Alphamab Oncology Secures Waiver to Appoint Joint Company Secretary
Apr 22, 2026
Alphamab Oncology has received a three-year waiver from the Hong Kong Stock Exchange, allowing the appointment of Ms. Jiang Rui as joint company secretary despite her not yet meeting the usual academic or professional criteria required under the L...
Alphamab’s KN026 Breast Cancer Trial Secures High-Profile ASCO 2026 Slot
Apr 22, 2026
Alphamab Oncology announced that phase III trial results for KN026, its anti-HER2 bispecific antibody co-developed with CSPC subsidiary JMT-Bio, in combination with albumin-bound docetaxel HB1801 as neoadjuvant therapy for HER2-positive breast can...
Alphamab Oncology Reshapes Company Secretariat, Seeks Listing Rules Waiver
Apr 8, 2026
Alphamab Oncology has announced the resignation of joint company secretary and authorized representative Cheng Qiulan, effective 8 April 2026, citing other work commitments and noting no disagreement with the board. Cheng’s departure trigger...
Alphamab’s KN026 Phase III Breast Cancer Trial Hits Key Efficacy Goal
Mar 31, 2026
Alphamab Oncology said its phase III Neo-Healer trial of KN026, an anti-HER2 bispecific antibody, combined with CSPC Group’s HB1801 as neoadjuvant therapy for early or locally advanced HER2-positive breast cancer met its primary endpoint, sh...
Alphamab Oncology Swings to Loss as R&D Spend Climbs but Cancer Pipeline Advances
Mar 25, 2026
Alphamab Oncology reported 2025 revenue of RMB566.2 million, down from RMB640.1 million a year earlier, and swung to a net loss of RMB113.9 million from a prior profit, as research and development spending rose sharply to RMB572.2 million. The com...
Alphamab Starts Phase III Trial of Next-Gen HER2 Drug in High-Risk Breast Cancer
Mar 24, 2026
Alphamab Oncology announced that the first patient has been dosed in a phase III trial of its bispecific HER2-targeted antibody KN026, co-developed with CSPC subsidiary Shanghai JMT-Bio, in combination with albumin-bound docetaxel (HB1801) and che...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.