HLB and its group stocks, which hit the lower limit after failing to receive FDA approval for a new liver cancer drug, are sharply rebounding in the morning session on the 24th.
As of 10:40 a.m. on the same day, HLB's stock price is trading at 52,200 KRW per share, up 12.26% compared to the previous session. Major group stocks such as HLB Pharmaceutical (17.54%), HLB Life Science (16.86%), and HLB Therapeutics (11.87%) are also rebounding in double digits. HLB Innovation and HLB Biostep are showing increases of around 6-7% each.
This is interpreted as a low-price buying spree following HLB's previous lower limit stock price. On the 20th, HLB announced that it had received a request for supplementary documents from the FDA regarding the targeted anticancer drug 'Rivoceranib.' After the second approval failure, HLB's stock price hit the lower limit on the 21st, and other group stocks also fell sharply.
However, immediately afterward, HLB expressed its determination to re-challenge by submitting supplementary documents in May, with a decision expected as early as July. In addition to the FDA re-examination application, HLB also disclosed plans to apply for approval from the European Medicines Agency (EMA) in September and to submit a New Drug Application (NDA) for cholangiocarcinoma within the year.
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