KOSDAQ Top Spot Up for Grabs as Gap Between Alteogen and EcoPro BM Narrows to Under 1 Trillion Won

The competition for the top spot on KOSDAQ is intensifying as the index enters the "Cheonsdak" era, with the benchmark crossing the 1,000-point threshold. As Alteogen (196170.KQ) has stumbled, EcoPro BM (247540.KQ) has rapidly closed the gap, with the market capitalization difference between the two companies narrowing to less than 1 trillion won. The key question now is whether EcoPro BM can reclaim the top position before Alteogen's planned transfer to the KOSPI.

According to the Korea Exchange on January 28, Alteogen closed at 408,000 won, up 0.49%, with a market cap of 21.83 trillion won ($15.9 billion). EcoPro BM finished at 213,500 won, up 2.15%, with a market cap of 20.88 trillion won ($15.2 billion). The market cap gap between the two stocks stands at 949.8 billion won, down sharply from approximately 10 trillion won at the end of last year.

Alteogen overtook EcoPro BM as the top KOSDAQ stock by market cap in September 2024, buoyed by expanding demand for biosimilars and expectations of interest rate cuts. Meanwhile, EcoPro BM weakened amid concerns over a slowdown in the secondary battery market.

However, recent trends have reversed. Since the start of this year, Alteogen's stock has fallen 9.23%, while EcoPro BM has surged 45.29%. Alteogen's decline stems from disappointment over its technology transfer contract with Merck for subcutaneous Keytruda, where the royalty rate was confirmed at 2%, below market expectations of 4-5%. A recent 420 billion won technology transfer deal with GSK subsidiary Tesaro also fell short of investor expectations for a trillion-won-scale contract, triggering a 22.35% single-day plunge on January 21.

Kim Sun-ah, an analyst at Hana Securities, lowered Alteogen's target price from 640,000 won to 580,000 won, noting that "the key variable for stock price recovery is the frequency and number of additional technology transfer contracts."

In contrast, EcoPro BM is being re-evaluated amid growing expectations for next-generation battery technology, as the humanoid robot industry gained attention following CES 2025.

As the fortunes of the two companies diverge, market attention is focused on whether EcoPro BM can reclaim the top KOSDAQ position before Alteogen's departure to the KOSPI.

With the KOSPI 5000 Special Committee setting "3,000 KOSDAQ" as its next target after "5,000 KOSPI," expectations for the KOSDAQ market overall are rising. Analysts suggest the outcome of the battle for the top spot could serve as a barometer for market sentiment.

Meanwhile, once Alteogen completes its transfer to the KOSPI, passive fund inflows tracking the KOSDAQ 150 index are expected to provide an additional tailwind for EcoPro BM.