Investors are paying attention to Celltrion, the local leader in the development of biosimilars, in anticipation of the company expanding its market share globally.
The biosimilar company’s stock price surpassed 252,900 won ($240.3) for the first time around 3 p.m., Thursday, a 2.51 percent increase from the day before.
“Celltrion secured (growth) momentum by expanding its global market share in biopharmaceuticals,” said Kang Yang-gu, an analyst at Hyundai Investment & Securities. “The European launch of Herzuma, an anti-cancer antibody biosimilar, in the first quarter of this year will give additional momentum to Celltrion’s shares.”
The company’s operating profit is also expected to remain above 50 percent thanks to efficient production facilities and global demand for biosimilars, Kang added.
Celltrion has also submitted an application to the Korea Exchange for preliminary review of the company’s listing on the main bourse in December.
The relisting attempt comes after the company’s shareholders complained that the excessive short-selling of the company’s stocks in the KOSDAQ market was having a negative impact on the company’s market evaluation.
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