Stock Track | SinoMab BioScience Shares Plunge 7% After Reporting Wider Losses

Stock Track08-20

Shares of SinoMab BioScience Ltd (03681), a biopharmaceutical company focused on developing and commercializing antibody-based therapeutics, plummeted as much as 7.05% in intraday trading on August 19th, following the release of the company's financial results for the first half of 2024.

According to the company's interim report, SinoMab BioScience posted a net loss of RMB 90.6 million for the six months ended June 30th, 2024, significantly wider than the loss reported in the same period last year. The company's revenue for the first half of 2024 stood at a mere RMB 2 million, a slight increase from RMB 1.4 million in the corresponding period of 2023.

The disappointing financial performance can be attributed to the company's substantial investments in research and development activities, as it continues to develop its pipeline of antibody-based therapeutics. However, the lack of significant revenue growth and the widening losses have raised concerns among investors, leading to the sharp sell-off in the company's shares.

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