Stock Track | ALPHAMAB-B Surges 6.38% on Share Buyback Announcement

Stock Track08-16

Shares of ALPHAMAB-B, the biotechnology company focused on developing innovative therapies for cancer and autoimmune diseases, soared 6.38% during trading hours on Tuesday. The stock's rally was fueled by the company's announcement of a share repurchase program.

According to the news release, Alphamab Oncology, the parent company of ALPHAMAB-B, resolved to repurchase its ordinary shares in the open market from time to time, with a maximum value of HK$50 million (approximately US$6.4 million).

Share buyback programs are often viewed as a positive signal by investors, as they demonstrate a company's confidence in its future prospects and its commitment to returning value to shareholders. By reducing the number of outstanding shares, buybacks can also boost a company's earnings per share and support its stock price.

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