Shares of Celltrion and its two affiliated firms plunged on Wednesday, and analysts attributed the fall to profit-taking by investors.

On the tech-heavy Kosdaq, shares of Celltrion, Celltrion Healthcare, and Celltrion Pharm all tanked about 10 percent, showing the largest declines among biotech-related stocks. Celltrion Healthcare, the distributor of Celltrion’s biosimilar products overseas, saw its stock price plunging 14 percent on Wednesday. It suffered the fastest daily drop among Kosdaq shares.

The stock price of Celltrion Healthcare went down by 21,200 won ($19.9) to 130,500 won on Wednesday. Celltrion Pharm, in charge of local sales of Celltrion products, also had a 10.1 percent slide, falling from 111,800 won to 100,500 won. Celltrion shares also declined 9.8 percent (33,900 won) to close at 313,500 won.

Institutional investors net-purchased 230,000 shares of Celltrion on Wednesday. Individual investors net-bought 780,000 shares of Celltrion Healthcare, and foreign investors, 5,000 shares of Celltrion Pharm.

In contrast, individual investors and foreigners net-sold 200,000 shares and 26,000 shares of Celltrion, respectively. As for Celltrion Healthcare, foreigners net-sold 772,000 shares, and institutional investors, 38,900 shares. As for Celltrion Pharm, individuals net-sold 800 shares, and institutional investors, 8,800 shares.

Analysts said investors sold off shares of Celltrion and its affiliated companies for profit-taking. There was no apparent cause for the plunges of each stock, they said.

“Investors apparently exited after judging that they have made enough profits,” an analyst said who requested anonymity. “The latest stock declines did not come from short-term transactions but from sell-offs by investors who had made a massive purchase.”

Despite Wednesday’s plunge, shares of Celltrion and its affiliated firms are still higher than securities firms’ forecasts. A report by eBest Investment & Securities recently suggested the highest target price of Celltrion at 288,000 won per share, but the company’s stock price went up higher by 25,500 won on Wednesday.

“Shares of the companies under Celltrion Group went up much now, compared to early January. The latest plummets in stock prices seemingly came from investors’ profit-taking,” another analyst said.

Copyright © KBR Unauthorized reproduction, redistribution prohibited