ALPHAMAB-B

Alphamab Oncology opened higher and rallied, with the morning session surging over 7% before pulling back in the afternoon to close at HKD 7.960, still up 4.60% from the previous close of HKD 7.610. The rally was driven by positive clinical catalysts: the KN026+HB1801 combination for HER2-positive breast cancer met its primary endpoint and received breakthrough therapy designation from China's NMPA, while the company initiated a Phase III trial for this regimen in high-risk breast cancer. Its next-generation HER3/TROP2 bispecific ADC JSKN016 also advanced to Phase III. Financially, Q4 2025 revenue fell 44.7% YoY to HKD 137 million, and net loss widened 167% YoY to HKD 75.4 million, reflecting no fundamental improvement. Despite the gains, the stock remains 49.46% below its 52-week high of HKD 15.75, though it has reclaimed the 20-day MA (HKD 7.418) and rebounded 27.77% from the 52-week low of HKD 6.23. However, the stock is still down 16.91% YTD and trades below its 60-day MA (HKD 8.119), which serves as near-term resistance.

Alphamab opened low and rallied during the morning session, closing at HK$7.670, up 5.07% from the previous close of HK$7.300, with the intraday low of HK$7.460 rising to the day's high of HK$7.670. The move was driven by CSPC's combo therapy receiving a breakthrough therapy designation from China's NMPA and KN026's breast cancer trial meeting its primary endpoint. Q4 revenue dropped 44.7% YoY to HK$137 million while net loss widened to HK$75 million, yet the stock has rebounded 23.11% from its 52-week low of HK$6.23, though still 19.94% below the YTD start and trading above its 20-day MA (HK$7.356) but below the 60-day MA (HK$8.236). The PB ratio of 3.92x underscores the market's persistent valuation debate between pipeline potential and ongoing losses.

Alphamab Oncology opened lower and continued to decline, trading at HKD 7.020 as of 10:52 BJ, down 4.49% from previous close, primarily due to a lack of fresh positive catalysts after the prior session, unwinding earlier gains. The China NMPA's breakthrough therapy designation for KN026 combined with HB1801 in HER2-positive breast cancer was announced on July 15, but today's market reaction was muted. Financially, Q4 2025 revenue fell 44.7% YoY to HKD 137 million, while net loss widened 167% to HKD 75 million. The stock is trading 55.43% below its 52-week high of HKD 15.75, below both the 20-day MA (HKD 7.318) and 60-day MA (HKD 8.294), with a YTD decline of 26.72%. However, pipeline advances such as JSKN003's FDA breakthrough designation and JSKN016's Phase III initiation provide ongoing support.

Alphamab Oncology surged at the open in the morning session, reaching HKD 7.43 by 10:12 BJ time, up 6.9% from the prior close, with a session high of HKD 7.50 and a low of HKD 7.010, forming a clear bottom-fishing rebound pattern on volume of 348,000 shares and turnover of HKD 2.56 million. The gap-up opening was primarily driven by news that CSPC Pharma's KN026 combined with HB1801 for HER2-positive breast cancer met its primary endpoint in a pivotal trial, which had previously received breakthrough therapy designation from China's NMPA. However, the company's fundamentals remain under pressure: Q4 revenue fell 44.7% YoY to HKD 137.2 million, net loss widened 167% to HKD 75.3 million, with EPS of -HKD 0.0783, a PE of -57x and a PB of 3.8x. The stock is still 52.83% below its 52-week high of HKD 15.75, while trading 19.26% above its 52-week low of HKD 6.23, straddling the 20-day MA of HKD 7.306 but well below the 60-day MA of HKD 8.375, with a YTD decline of 22.44%.

Canbridge Biopharma opened lower and continued to decline in the morning session, trading at HKD 7.220 as of 09:48 BJ, down 5.1% from the previous close, leading losses in the biotech sector. The sell-off was triggered by the company's Q4 2025 earnings, which showed a net loss of HKD 75.35 million, widened by 167.1% YoY, while revenue fell 44.7% YoY to HKD 137.2 million. EPS dropped to -HKD 0.0783 from -HKD 0.0292 a year ago, and operating loss expanded by 185.9% YoY. The stock is now trading 54.2% below its 52-week high of HKD 15.75 and below both its 20-day (HKD 7.314) and 60-day (HKD 8.442) moving averages, with a YTD decline of 24.6%. However, the company's PB ratio stands at 3.69x, and market attention remains on its dual-specificity ADC pipeline for future catalysts.