WOOJUNG BIO shares on the KOSDAQ were weaker intraday on the 12th. The slump is seen as stemming from worsened investor sentiment after news that the stock was designated as an investment caution issue.
As of 1:59 p.m. that day, WOOJUNG BIO was trading at 3,330 won, down 240 won (6.72%) from the previous session.
WOOJUNG BIO, a nonclinical contract research organization (CRO), saw its share price surge recently on news of an acquisition by Kolmar Holdings. On the 3rd, Kolmar Holdings bought WOOJUNG BIO convertible bonds (CB) worth 35 billion won, becoming the largest shareholder. The equity stake is 47.22%.
As a result, WOOJUNG BIO shares jumped intraday to 4,535 won the previous day, set to mark a 1-year high.
However, when the Korea Exchange (KRX) designated WOOJUNG BIO as an investment caution issue amid the sharp rise, the stock appeared to head lower. The exchange also signaled that WOOJUNG BIO could be designated as an investment warning issue that day.