Samyang Biopharm(0120G0) hit the upper price limit in early trading. With shares of Moderna, a cancer vaccine developer, surging in the U.S. market the previous day, Samyang Biopharm, a domestic corporation with messenger ribonucleic acid (mRNA) technology, was highlighted as a related stock.
As of 9:16 a.m. on the 20th, on the KOSPI market, Samyang Biopharm was trading at 56,200 won, up 12,900 won (29.79%) from the previous session. The share price shot straight to the upper limit immediately after the open as buying poured in.
This appears to have been influenced by the more than 170% surge in Moderna's share price on news that its personalized mRNA cancer vaccine met key goals in phase 3 clinical trials.
On the 19th (local time), Moderna said an mRNA cancer vaccine it co-developed with Merck (MSD) significantly reduced the risk of cancer recurrence and metastasis in a late-stage clinical trial for patients with high-risk melanoma.
Investor interest is believed to have surged in Samyang Biopharm, which holds an mRNA-based drug delivery system (DDS) platform technology and is researching and developing next-generation gene therapy and vaccine delivery technologies.