Shares of HLB Group are soaring in early trading following news that its U.S. subsidiary received approval from the Food and Drug Administration (FDA) for a new cholangiocarcinoma drug.
As of 9:36 a.m. on September 28, HLB's stock was trading at 39,700 won, up 9,150 won (29.95%) from the previous trading day. The stock surged rapidly after the market opened, triggering a volatility interruption mechanism.
Other companies in the HLB Group also saw their shares rise to the daily limit. HLB Pharmaceuticals and HLB BioStep both increased by 30.00%, while HLB Life Science (29.96%), HLB Therapeutics (29.84%), and HLB Innovation (29.79%) were also trading near the upper limit.
The surge in HLB Group stocks is attributed to the FDA's approval of the cholangiocarcinoma drug developed by its U.S. subsidiary, Elevate Therapeutics. HLB announced on September 24 that Elevate Therapeutics received FDA approval for the fibroblast growth factor receptor 2 (FGFR2) targeted cancer drug, Ripkitu (ingredient name: liraglutide).
Ripkitu is an oral cancer drug designed to selectively bind to FGFR2, unlike existing FGFR inhibitors. With this approval, it can now be used as a second-line treatment for cholangiocarcinoma patients with FGFR2 fusions or rearrangements.
This FDA approval has heightened expectations for HLB Group's new drug business, leading to increased investor sentiment not only for HLB but also for its related subsidiaries. On this day, HLB recorded a notable increase among the top market capitalization stocks in the KOSDAQ, leading the early trading surge.
* This article has been translated by AI.
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