Shinhan Securities lowered its target price for Alteogen to ₩520,000 from ₩540,000 after Novartis's Del-desiran failed to meet its primary endpoint in a Phase 3 trial. The decision reduced the number of confirmed subcutaneous (SC) conversion candidates using Alteogen's technology from three to two. Shinhan had raised the target from ₩480,000 to ₩540,000 just six days earlier after Alteogen signed a technology transfer agreement worth up to ₩4.416 trillion with Novartis. The brokerage said the contract itself should remain intact, with no return or adjustment of upfront payments. It continued to recommend Alteogen as a Buy and its top sector pick, citing progress in the remaining candidates, including Del-zota's completed U.S. Food and Drug Administration (FDA) approval application and its expected approval in the first half of 2027. Del-Brax is also being developed with peak sales targeted at up to $4 billion. Alteogen's ALT-B4 human hyaluronidase technology remains positioned for subcutaneous development across 10 products, including antibody-drug conjugates (ADCs) and bispecific antibodies, while other antibody-oligonucleotide conjugate (AOC) candidates could potentially replace Del-desiran.