Immunotech Biopharm (HKG:6978) saw its stock price plummet by 5.39% during intraday trading on Tuesday, despite reporting improved financial results for 2024. The sharp decline suggests that investors may have been expecting more from the biopharmaceutical company's annual performance.
According to a Hong Kong Stock Exchange disclosure on Monday, Immunotech Biopharm's loss attributable to owners in 2024 narrowed to 186.9 million yuan (0.36 yuan per share), compared to 334.8 million yuan (0.65 yuan per share) in the previous year. The company also reported a significant 220% surge in other income, reaching 33.8 million yuan, up from 10.5 million yuan in 2023. However, the board did not recommend any dividend for the period.
The stock's negative reaction to these results may indicate that investors were hoping for a faster path to profitability or the initiation of dividend payments. While the narrowed losses and increased other income show some improvement, the continued absence of profits and dividends could be contributing factors to the sell-off. Investors may also be concerned about the company's long-term prospects in the competitive biopharmaceutical industry, despite the modest financial improvements reported for 2024.
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