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Alphamab Oncology
(9966)
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Rating:47Neutral
Price Target:
HK$6.00
▼(-49.58% Downside)
Action:Reiterated
Date:10/23/26
The score is primarily held back by volatile financial performance—2025 revenue decline, losses, and negative operating/free cash flow—despite a relatively strong gross margin and low leverage. Technicals add further pressure with price below major moving averages and a negative MACD. Valuation is also challenged by losses (negative P/E) and no provided dividend yield.
Positive Factors
Strong Gross Margin
A gross margin of about 77% indicates that Alphamab retains substantial value after direct product costs. If maintained as oncology products scale, this provides room to fund research, commercialization, and operating expenses while supporting potential long-term operating leverage.
Negative Factors
Revenue Contraction
The sharp 2025 revenue decline signals that recent commercial or partnered income has not been consistently sustained. Continued contraction would reduce resources available for research and commercialization, making future growth more dependent on successful product execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Gross Margin
A gross margin of about 77% indicates that Alphamab retains substantial value after direct product costs. If maintained as oncology products scale, this provides room to fund research, commercialization, and operating expenses while supporting potential long-term operating leverage.
Read all positive factors
Alphamab Oncology (9966) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$6.06B
Dividend YieldN/A
Average Volume (3M)1.21M
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth-31.77%
EPS Growth-177.01%
CountryHK
Employees515
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.17
Shares Outstanding974,381,700
10 Day Avg. Volume1,638,900
30 Day Avg. Volume1,214,749
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)-0.24
Revenue Forecast (FY)HK$471.00M
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
Alphamab Oncology primarily makes money through (1) commercialization of its approved oncology drugs (where approvals and commercial launches have occurred), generating revenue from product sales through its own sales efforts and/or commercial par...
Alphamab Oncology Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
74
Positive
Cash Flow
39
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 514.22M | 551.58M | 640.08M | 218.77M | 166.84M | 146.02M |
| Gross Profit | 391.26M | 426.67M | 579.77M | 163.54M | 122.64M | 142.99M |
| EBITDA | -130.73M | -84.64M | 178.04M | -129.30M | -377.18M | -358.13M |
| Net Income | -173.76M | -110.99M | 166.34M | -210.59M | -325.72M | -412.42M |
Balance Sheet | ||||||
| Total Assets | 2.16B | 2.10B | 2.24B | 2.14B | 2.12B | 2.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.43B | 1.35B | 1.57B | 1.41B | 1.35B | 1.99B |
| Total Debt | 268.36M | 123.03M | 185.96M | 257.08M | 345.39M | 637.27M |
| Total Liabilities | 490.98M | 386.33M | 409.87M | 465.00M | 559.86M | 834.80M |
| Stockholders Equity | 1.67B | 1.71B | 1.83B | 1.67B | 1.56B | 1.87B |
Cash Flow | ||||||
| Free Cash Flow | -171.69M | -153.48M | 190.56M | -239.02M | -429.96M | -478.72M |
| Operating Cash Flow | -155.89M | -121.89M | 212.34M | -202.84M | -300.31M | -320.60M |
| Investing Cash Flow | -248.34M | -628.85M | -92.93M | -18.11M | 850.76M | 574.26M |
| Financing Cash Flow | -26.59M | -98.31M | -98.96M | 218.07M | -310.90M | 363.90M |
Alphamab Oncology Technical Analysis
Negative
11.90
Price Trends
7.83
Negative
7.68
Negative
8.47
Negative
Market Momentum
-0.43
Positive
34.92
Neutral
36.54
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 7.12, above the 50-day MA of 7.83, and above the 200-day MA of 8.47, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 34.92 is Neutral, neither overbought nor oversold. The STOCH value of 36.54 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$51.82B | 7.90 | 105.60% | ― | 292.84% | ― | |
60 Neutral | HK$26.75B | 26.18 | 20.41% | ― | 32.63% | 8.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | HK$6.32B | -56.20 | -9.45% | ― | 68.12% | 81.84% | |
47 Neutral | HK$6.06B | -30.68 | -10.27% | ― | -31.77% | -177.01% | |
41 Neutral | HK$30.07B | -69.15 | -7.23% | ― | 35.82% | 54.40% | |
41 Neutral | HK$7.77B | -15.53 | -43.54% | ― | 116.67% | -0.42% |
* Healthcare Sector Average
HK:9966
Alphamab Oncology
6.22
-5.29
-45.96%
HK:9995
RemeGen Co. Ltd. Class H
64.85
-25.15
-27.94%
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15.26
-11.32
-42.59%
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CARsgen Therapeutics Holdings Ltd.
10.63
-5.85
-35.50%
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CStone Pharmaceuticals
4.94
-1.32
-21.09%
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Shanghai Henlius Biotech, Inc. Class H
49.06
-20.79
-29.76%
Alphamab Oncology Corporate Events
Alphamab Oncology Launches HK$80 Million On-Market Share Buyback Plan
Aug 28, 2026
Alphamab Oncology has approved an on-market share repurchase program of up to HK$80 million, to be executed from time to time under an existing shareholder mandate valid until the next annual general meeting or its earlier expiry. The buyback will...
Alphamab Oncology Swings to Loss as R&D Surge Drives Aggressive Cancer Pipeline Expansion
Aug 27, 2026
Alphamab Oncology reported interim unaudited results for the six months ended June 30, 2026, showing revenue of RMB271.2 million, down from RMB319.4 million a year earlier, and a swing to a net loss of RMB40.5 million from a profit of RMB21.6 mill...
Alphamab Oncology’s HER2 Drug Anbenitamab Wins Priority NMPA Review for First-Line Breast Cancer
Aug 18, 2026
Alphamab Oncology said China’s National Medical Products Administration has accepted, with priority review status, its new drug application for Anbenitamab (KN026) combined with CSPC Group’s albumin-bound docetaxel (HB1801) as a first-...
Alphamab Oncology Sets Board Meeting to Approve 2026 Interim Results
Aug 12, 2026
Alphamab Oncology has scheduled a board meeting for August 27, 2026, to review and approve its interim results for the six months ended June 30, 2026. The meeting will also address the publication of these results and any other business, signaling...
Alphamab’s Anbenitamab Breast Cancer NDA Gains Priority Review in China
Aug 4, 2026
Alphamab Oncology has announced that China’s National Medical Products Administration has accepted, under priority review, its new drug application for the HER2 bispecific antibody Anbenitamab, used in combination with CSPC Group’s alb...
Alphamab licenses key cancer drug JSKN016 to Pathos AI in US$2.1 billion-plus deal
Aug 4, 2026
Alphamab Oncology’s subsidiary Jiangsu Alphamab has licensed its in-house bispecific antibody-drug conjugate JSKN016 to U.S.-based Pathos AI for development and commercialization outside mainland China, Hong Kong, Macau and Taiwan. The deal ...
Alphamab Wins China Phase III Nod for Novel Cervical Cancer Therapy
Aug 3, 2026
Alphamab Oncology has secured approval from China’s Center for Drug Evaluation to initiate a phase III clinical trial of JSKN033, a high-concentration subcutaneous co-formulation combining a HER2-targeting antibody-drug conjugate and a PD-L1...
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.