Stock Track | SinoMab BioScience Shares Tumble on Wider Losses, Lack of Revenue Growth

Stock Track08-20

Shares of SinoMab BioScience Ltd (03681), a biopharmaceutical company focused on developing antibody-based therapeutics, plunged as much as 7.05% in intraday trading on August 19th. The sharp sell-off came after the company reported disappointing financial results for the first half of 2024, with a net loss of RMB 90.6 million, significantly wider than the previous year.

According to the interim report, SinoMab BioScience's revenue for the first six months of 2024 stood at a mere RMB 2 million, a slight increase from RMB 1.4 million in the same period last year. The lack of significant revenue growth, coupled with substantial investments in research and development activities, contributed to the widening losses.

The company's financial performance has raised concerns among investors, who are growing impatient with the lack of progress in commercializing its pipeline of antibody-based therapeutics. While SinoMab BioScience continues to invest heavily in R&D, the absence of near-term revenue prospects has weighed heavily on the stock's valuation.

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