[Featured Stock] "Did It Rise Too Much?"... Seegene's Sharp Decline Continues for Two Consecutive Days

[Asia Economy Reporter Koh Hyung-kwang] Seegene, whose stock price surged more than threefold last month on the back of its novel coronavirus (COVID-19) diagnostic kits, is showing a sharp decline in early trading on the 1st.

According to the Korea Exchange, as of 9:59 AM, Seegene was trading at 96,000 won, down 13.5% from the previous trading day. The stock also fell 8.1% the day before, marking a drop of over 20% in two days.

The decline is interpreted as profit-taking selling triggered by the rapid surge in a short period. Seegene, which was around 37,000 won on the 5th of last month, recorded consecutive daily limit-ups starting the very next day, and surged to 121,000 won on the 30th, more than tripling its stock price within a month.