[Featured Stock] Hyundai Bio Rises Consecutively on News of Oral COVID-19 Treatment Clinical Trial Outsourcing Contract

[Asia Economy Reporter Lee Jun-hyung] Hyundai Bio is experiencing a continuous surge. The stock price appears to be maintaining its strong momentum following the news of signing a clinical trial outsourcing contract for the Phase 2 clinical trial of an oral treatment for COVID-19.

As of 10:57 AM on the 18th, Hyundai Bio recorded 32,150 KRW, up 22.24% (5,850 KRW) compared to the previous trading day. After reaching the intraday high at 10 AM, it has maintained this level. This marks seven consecutive trading days of gains.

The news of signing the clinical trial outsourcing contract for the COVID-19 oral treatment seems to have acted as a positive factor. On the 14th, Hyundai Bio announced that it had signed a clinical trial outsourcing contract with the clinical research organization (CRO) DT&CRO to enter Phase 2 clinical trials of the COVID-19 oral treatment CP-COV03, together with its major shareholder CNPharm.

As Hyundai Bio's stock price recently showed signs of overheating, the Korea Exchange designated Hyundai Bio's stock as a short-term overheating item starting from the 15th. The stock is subject to a single-price trading method where transactions are executed every 30 minutes.