Sam Chun Dang Pharm shares were strong in early trading on the 23rd. Even as uncertainty in the Middle East grows and the domestic market weakens, Sam Chun Dang Pharm has surged for a second straight session after taking the top spot on the KOSDAQ by market capitalization on the 20th.
As of 9:27 a.m., Sam Chun Dang Pharm was trading at 936,000 won, up 29,000 won (3.20%) from the previous session. It climbed to as high as 975,000 won early in the session, hitting a 1-year high.
On the 20th, Sam Chun Dang Pharm said it had applied for a clinical trial authorization (CTA) for an oral insulin candidate, sending the stock up more than 13% and putting it at No. 1 by market cap. With expectations for new drug development continuing, the buying streak appears to be extending for a second day.
Wi Hae-joo, a researcher at Korea Investment & Securities Co., said, "Whether the investigational new drug (IND) application is approved is expected to be confirmed in the second quarter," adding, "The trial may run for up to nine months, but the company is aiming to confirm results by year-end."
The researcher added, "The company is also pursuing a U.S. deal for an oral Wegovy generic that incorporates its S-PASS platform technology, and as the pledged momentum is being realized without a hitch despite external uncertainties, attention to Sam Chun Dang Pharm is bound to increase."