External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>Biotech stocks performed well early this year, driven by optimism surrounding the government's KOSDAQ 3,000 target and supportive fund flows following the launch of multiple active ETFs.</li><li>Since then, however, the sector has materially underperformed the broader market amid a lack of tangible achievements and diminishing relative appeal vs. the IT sector.</li><li>Company-specific setbacks—including Sam Chun Dang Pharm’s loss of investor confidence and sharp share price decline, reduced expectations for Alteogen following its royalty rate disclosure, delays to phase 2 initiation for ABL Bio’s ABL301, and the overall survival (OS) miss for tovecimig—have also weighed on sentiment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biotech stocks performed well early this year, driven by optimism surrounding the government's KOSDAQ 3,000 target and supportive fund flows following the launch of multiple active ETFs.Since then, however, the sector has materially underperformed the broader market amid a lack of tangible achievements and diminishing relative appeal vs. the IT sector.Company-specific setbacks—including Sam Chun Dang Pharm’s loss of investor confidence and sharp share price decline, reduced expectations for Alteogen following its royalty rate disclosure, delays to phase 2 initiation for ABL Bio’s ABL301, and the overall survival (OS) miss for tovecimig—have also weighed on sentiment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2H26 Outlook] Pharma/BiotechCatalysts for a biotech rebound

Equity Bottom-Up

<ul><li>Promising batoclimab results heighten expectations for IMVT-1402Batoclimab demonstrates durable response at six months post-treatment At the 2025 American Thyroid Association annual meeting held in September, HanAll Biopharma’s US partner Immunovant announced promising six-month follow-up data for batoclimab in patients with Graves’ disease</li><li>Specifically, 17 of 21 patients (roughly 80%) showed a response and maintained normal thyroid function (T3 and T4 levels below the upper limit of normal) six months after discontinuing treatment</li><li>Notably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong durability of response</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Promising batoclimab results heighten expectations for IMVT-1402Batoclimab demonstrates durable response at six months post-treatment At the 2025 American Thyroid Association annual meeting held in September, HanAll Biopharma’s US partner Immunovant announced promising six-month follow-up data for batoclimab in patients with Graves’ diseaseSpecifically, 17 of 21 patients (roughly 80%) showed a response and maintained normal thyroid function (T3 and T4 levels below the upper limit of normal) six months after discontinuing treatmentNotably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong durability of responseContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HanAll Biopharma (009420 KS/Buy)Promising Batoclimab Results Heighten Expectations for IMVT-1402

South Korea

HANALL BIOPHARMA CO., LTD. manufactures prescription drugs for hospitals. The Company specializes in making oral and non-oral antibiotics and amino-acid infusions.

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Hanall Biopharma (009420 KS)

[2H26 Outlook] Pharma/BiotechCatalysts for a biotech rebound

Biotech stocks performed well early this year, driven by optimism surrounding the government's KOSDAQ 3,000 target and supportive fund flows...

Mirae Asset Securities

HanAll Biopharma (009420 KS/Buy)Promising Batoclimab Results Heighten Expectations for IMVT-1402

Notably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong...

Mirae Asset Securities

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