Shares of GC MS were bullish on Wednesday after health officials confirmed the third monkeypox case in Korea.

At the market close on Wednesday, the company's shares ended at 6,000 won ($4.53), up 3.45 percent from the previous trading day.

Investors mistakenly considered GC MS as a monkeypox-related stock because of wrong information about the company's research history.

There were rumors about GC MS conducting research on an attenuated smallpox vaccine but it was GC, the parent company of GC MS, that carried out the project. 

GC is no longer conducting or planning a project related to the smallpox vaccine.

GC MS had previously explained that the company had nothing to do with smallpox in the first half of 2021 when the stock price soared after the nation confirmed its first monkeypox case.

Meanwhile, Korea confirmed its third case of monkeypox on Tuesday.

According to the Korea Disease Control and Prevention Agency (KDCA), the patient, who arrived from the United Arab Emirates on Nov. 4, tested positive for the virus after experiencing fever, chills, and other symptoms linked to monkeypox.

The person is in isolation treatment at a hospital.

The third case comes after the nation confirmed two previous monkeypox cases in June and September. The patients of the previous cases have been discharged from hospitals after recovering.

Monkeypox is an acute fever and rash disease caused by a virus infection. Rodents are the main carriers of infection, and the virus mainly transmits through close contact with symptomatic infected patients.

The virus, traditionally confined to Africa, has been spreading rapidly worldwide after the U.K. reported its first case on May 7.

While a respiratory transmission is possible, air transmission through micro-aerosols containing the virus is not common, making monkeypox less highly contagious than Covid-19.