Bio-industry shares are on the rise amid expectations for favorable government policies.
The rise of bio-shares continued Tuesday, with Samsung BioLogics renewing its records in stock prices with 413,500 won ($387.75) around 2 p.m., a 3.5 percent increase from Monday. Other biotechnology firms such as Celltrion, Sillajen and Toolgen are also enjoying stock price gains as well.
Celltrion’s shares rose for the fifth consecutive day with its stock price surpassing 300,000 won for the first time. The company’s stock price currently stood at 309,600 won around 2 p.m., up 2.35 percent.
Sillajen’s shares have also regained momentum after dismissing allegations against its foreign patents the day before. The company’s stock price climbed 1.49 percent to 95,200 won.
Toolgen’s shares also continued to increase with rising expectations for rapid growth in the gene therapy market. The company’s stock price jumped 14.93 percent to 100,100 won.
According to market watchers, the rise of bio-share was attributable in large part to the government's plan to support the development of new drugs. Also, the kickoff of JPMorgan Healthcare Conference, which is the world's most significant pharmaceutical and biotech event, on Monday, seems to have had a positive impact on investors’ sentiment.
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