As biotech stocks on KOSPI and KOSDAQ have turned downward since mid-April, those on KONEX followed suit. KONEX is for small- and medium-sized firms.
Top 10 biotech companies on KONEX by market cap had seen their share prices go up until mid-April, compared to early this year. However, with analysts continuing to warn of bubbles in the biotech sector, most of their stock prices have been in a losing streak since April 18, along with declines of major biotech firms on KOSPI and KOSDAQ.
Toolgen, a “genetic scissors” technology developer and the largest firm on KONEX with a market cap of 772.4 billion won ($718.7 million), suffered the sharpest decline in stock price. Its shares plunged 92.2 percent as of Monday, compared to those in mid-April.
During the same period, in-vitro diagnostic kit developer Gencurix went down 18.5 percent, type-2 diabetes drug developer NovMetaPharma, 17.5 percent, new anticancer developer Abion, 17 percent, and Parkinson’s disease treatment developer Kainos Medicine, 2.8 percent.
In contrast, biosimilar developer SunBio rose 32.6 percent, and filler manufacturer BNC Korea, 10.5 percent, during the cited period.
DiNonA, an antibiotics developer that went public on May 8, is drawing particular attention as its shares have been rising at the maximum daily rate of 15 percent for five consecutive days.
Despite the recent declines, stock prices of top 10 companies on KONEX are mostly higher, compared to those on Jan 2.
Except for Toolgen, which spiked 112 percent last year, the other nine companies enjoyed share price gains.
Shares of Toolgen are 83 percent lower at 66,300 won, compared to 11,300 won early this year.
During the same period, a molecular diagnostic device developer Genomictree skyrocketed 232 percent. NovMetaPharma also surged 198 percent.
BNC Korea followed the lead of the two firms, climbing 65.2 percent, Kainos Medicine, 53.8 percent, Abion, 41.2 percent, SunBio, 36 percent, and Pharma Research Bio, 14.2 percent.
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