Alphamab Oncology (HK:9966)
:9966
Want to see HK:9966 full AI Analyst Report?
Top Page
Alphamab Oncology
(9966)
Select Model
Select Model
Rating:51Neutral
Price Target:
HK$8.50
â–¼(-28.57% Downside)
Action:Reiterated
Date:05/05/26
The score is primarily held back by volatile financial performance—2025 revenue decline, losses, and negative operating/free cash flow—despite a strong gross margin and a conservatively levered balance sheet. Technicals are mixed/neutral and do not materially offset fundamentals, while valuation is less supportive given the negative P/E.
Positive Factors
High gross margin
A ~77% gross margin reflects durable product-level economics typical of biologics, supporting long-term operating leverage as sales scale. High margins provide capacity to fund R&D and commercialization even if SG&A rises, enhancing resilience through development cycles.
Negative Factors
Volatile revenue trend
A ~30% revenue drop signals weak or inconsistent commercial traction, creating uncertainty in sustainable top-line growth. Persistent revenue volatility undermines the path to scale, complicates forecasting and reduces the durability of operating leverage assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin
A ~77% gross margin reflects durable product-level economics typical of biologics, supporting long-term operating leverage as sales scale. High margins provide capacity to fund R&D and commercialization even if SG&A rises, enhancing resilience through development cycles.
Read all positive factors
Alphamab Oncology (9966) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$8.21B
Dividend YieldN/A
Average Volume (3M)3.94M
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue Growth-11.65%
EPS Growth-169.40%
CountryHK
Employees420
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.11
Shares Outstanding974,293,700
10 Day Avg. Volume3,868,184
30 Day Avg. Volume3,937,702
Financial Highlights & Ratios
PEG Ratio0.45
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 Target
HK$9.60Price Target Upside-19.33% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.15
Revenue Forecast (FY)HK$392.45M
Alphamab Oncology Business Overview & Revenue Model
Company Description
Alphamab Oncology, a clinical stage biopharmaceutical company, engages in the discovery, development, manufacture, and commercialization of oncology biologics. Its product pipeline includes KN046, a bispecific monoclonal antibody (BsAb) immune che...
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
9.50
Negative
9.51
Negative
10.24
Negative
Market Momentum
-0.32
Positive
32.90
Neutral
6.80
Positive
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 10.15, above the 50-day MA of 9.50, and above the 200-day MA of 10.24, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 32.90 is Neutral, neither overbought nor oversold. The STOCH value of 6.80 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$38.32B | ― | 25.67% | ― | 16.65% | 0.87% | |
56 Neutral | HK$63.37B | 36.25 | 32.32% | ― | 80.08% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$8.21B | -15.87 | -6.26% | ― | -11.65% | -169.40% | |
50 Neutral | HK$39.22B | -256.36 | -10.78% | ― | 34.19% | 47.97% | |
50 Neutral | HK$12.38B | -11.03 | -64.19% | ― | -33.37% | -344.90% | |
49 Neutral | HK$10.80B | -86.94 | -11.81% | ― | 219.26% | 87.63% |
* Healthcare Sector Average
HK:9966
Alphamab Oncology
8.55
-0.43
-4.79%
HK:9995
RemeGen Co. Ltd. Class H
85.80
38.90
82.94%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
23.16
6.22
36.72%
HK:2171
CARsgen Therapeutics Holdings Ltd.
17.63
-3.97
-18.38%
HK:2616
CStone Pharmaceuticals
7.70
4.04
110.38%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
71.15
27.65
63.56%
Alphamab Oncology Corporate Events
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...
Alphamab Advances JSKN016 Into Phase III for Hard-to-Treat Breast Cancer
Mar 20, 2026
Alphamab Oncology has dosed the first patient in a phase III clinical trial of JSKN016, a bispecific antibody-drug conjugate targeting TROP2 and HER3 for triple-negative breast cancer, marking the asset’s entry into pivotal development. The ...
Alphamab Oncology Names New CFO as Capital Markets Vice President Resigns
Mar 18, 2026
Alphamab Oncology has appointed veteran finance executive Wang Fei as its chief financial officer, effective March 16, 2026, tasking him with overseeing capital operations, investment and financing management, and investor relations for the group....
Alphamab Oncology Starts First-in-Human Trial of Novel Bispecific ADC JSKN027
Mar 16, 2026
Alphamab Oncology has begun dosing the first patient in a Phase I clinical trial of JSKN027, a first-in-class PD-L1/VEGFR2 bispecific antibody-drug conjugate for advanced solid tumors, marking its fifth ADC candidate to enter clinical development....
Alphamab Wins CDE Nod for First-in-Class Dual-Payload Cancer ADC JSKN021
Mar 13, 2026
Alphamab Oncology has had its Investigational New Drug application for JSKN021, a first-in-class dual payload bispecific antibody-drug conjugate targeting EGFR and HER3, officially accepted by China’s Center for Drug Evaluation, paving the w...
Alphamab Oncology Sets Board Meeting to Approve 2025 Annual Results
Mar 11, 2026
Alphamab Oncology has scheduled a board meeting for March 25, 2026, to review and approve the annual results for the year ended December 31, 2025, and to authorize their publication. The meeting signals an upcoming disclosure of the company’...
Alphamab Oncology Names Veteran Biologics Executive as Chief Technology Officer
Mar 11, 2026
Alphamab Oncology has appointed Dr. Wang Hongwei as chief technology officer, tasking him with overseeing process and analytical development, production and quality for the company’s biologic drug portfolio. Dr. Wang brings extensive CMC and...
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.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower 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.
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.