On Korea’s secondary stock market, foreign investors net bought the shares of Celltrion and ViroMed among local pharmaceuticals while net selling stocks of Medytox and Hugel between Nov. 1 and Nov. 24, industry data showed.
Celltrion and Celltrion Healthcare, the two largest Kosdaq-listed firms by market capitalization, also ranked first and second in the list of those net purchased by foreign investors in November.
Foreigners net bought 296.89 billion won ($272.8 million) worth of Celltrion shares during the Nov.1-Nov.24 period, and 39.93 billion won worth of shares of Celltrion Healthcare. ViroMed came in third with 38.04 billion won worth of net purchasing.
InBody, which is preparing to launch new product InBody Watch, ranked 11th on the net buying list with foreigners net obtaining 17.42 billion won worth shares. Sillajen, conducting a global phase-3 clinical trial on oncolytic virus Pexa-Vec, ranked 14th with foreigners net buying 14.79 billion won shares.
However, foreign investors net sold shares of botulinum toxin makers Medytox and Hugel, amid concerns for their worsening profitability following their third-quarter earnings results.
Among biopharmaceutical and pharmaceutical shares, Medytox suffered the largest net selling by foreign investors who dumped 21.85 billion won worth of Medytox shares during the Nov. 1-Nov. 24 period.
With Daewoong Pharmaceutical applying for a review of the U.s. FDA on its botulinum toxin Nabota and seeking entry into the U.S. market, analysts said local drugmakers would have to compete to secure a larger share in the global market beyond the saturated domestic market.
Among the entire Kosdaq shares, Osstem Implant suffered the largest net selling by foreign investors, who disposed of 51.52 billion won worth shares of the dental implant firm over the cited period. Analysts said its third-quarter earnings were weaker than expected due to increases in labor cost and general and administrative expenses.
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