Biotech stocks including GI Innovation and D&D Pharmatech surge; foreign investors buy on KOSDAQ2.5 trillion won in purchases
Foreign investors on KOSDAQ 2.5 trillion won worth on a net basis. GI Innovation shares rose 23% after the release of ASCO abstracts, while D&D Pharmatech gained 14%. Ingenia Therapeutics received approval for its preliminary listing review.
Foreign investors made net purchases worth 2.5 trillion won on the KOSDAQ market. Buying was concentrated in the semiconductor, robotics, and biotech sectors. Trading value in those sectors on KOSDAQ showed a widening trend. Net purchases were tallied at a large scale relative to the overall stock market.
D&D Pharmatech shares rose 14% on expectations related to clinical data at the European Association for the Study of the Liver congress. Trading volume in the stock increased as related news emerged. The company disclosed clinical information related to the congress. Investor interest increased over a short period.
GI Innovation shares rose 23% following the release of ASCO abstracts. The same company announced an objective response rate (ORR) of 40% in a kidney cancer clinical trial of its immuno-oncology drug. The company disclosed the related clinical results. Share prices and trading volume fluctuated after the disclosure.
Ingenia Therapeutics has received approval in its preliminary listing review. The company disclosed plans to proceed with the steps to prepare for its listing. News of the approval reached the market. The approval details are confirmed in the company's disclosure.
Active pharmaceutical ingredient manufacturers saw orders increase and performance improve as the effects of factory expansions took hold. They reported expanded production capacity and increased orders through factory expansions. Some companies said they saw the effects of the expansions in their quarterly results. Details of the order increases were included in company disclosures and press releases.
During this period, biotech-related stocks fluctuated in response to news on clinical trials, disclosures, and orders. Individual stocks' price movements were concentrated around the timing of related announcements and disclosures. Changes in trading value and foreign investor buying were observed at the same time. Further disclosures and clinical trial schedules may be factors behind future fluctuations.