The stock price of HLB Group, which sharply fell after not receiving approval for a new liver cancer drug from the U.S. Food and Drug Administration (FDA), rebounded across the board. It seems many investors engaged in buy on dips.
HLB shares were traded at 51,600 won on the KOSDAQ market at 9:14 a.m. on the 24th. The stock price rose by 10.97% (5,100 won) compared to the previous trading day. After a drop of 29.97% (19,900 won) on the 21st, reaching the lower limit (the bottom of the daily price limit), it managed to rebound again after one trading day.
At the same time, stock prices for HLB Global, HLB Innovation, HLB PANAGENE, HLB PAHRMA, HLB Life Science, HLB Therapeutics, HLB bioStep, and HLB Science, all listed affiliates of the group, are on the rise.
HLB plans to identify and address the FDA's concerns within 2 to 3 weeks and then reapply for approval. The results are expected to come out as early as July. Previously, the FDA sent a request for further information (Complete Response Letter) regarding the combination therapy of HLB's riboceranib and Camrelizumab from China's Anti-Oncology Pharmaceutical.
In addition to the FDA re-examination application, HLB announced plans to apply for approval from the European Medicines Agency (EMA) in September and to submit a new drug application for bile duct cancer within the year.