Ingenia Therapeutics, which went public on the KOSDAQ last month, has seen its shares rise by nearly 14% amid growing expectations for the expanded Phase 3 clinical trials of the ophthalmic drug candidate MK-8748 from Merck (MSD).
According to the Korea Exchange, as of 2:27 PM, Ingenia Therapeutics shares were trading at 21,200 won, up 2,730 won (14.78%) from the previous trading day. The stock opened at 18,640 won and reached a high of 21,950 won during the session.
The recent initiation of multiple Phase 3 trials for MK-8748 by MSD has heightened investor sentiment, leading to increased expectations for forthcoming clinical data.
Shinhan Investment Corp. began coverage of Ingenia Therapeutics on September 18, setting a target price of 25,000 won and recommending a 'buy' rating.
Lee Ho-cheol, a researcher at Shinhan Investment, noted that Ingenia Therapeutics is the original developer of MK-8748, stating, 'MSD has initiated four Phase 3 trials this year after acquiring NewCo Eyebio for $3 billion in 2024.'
He added, 'MK-8748 is a key drug in MSD's late-stage development pipeline, and we expect continuous R&D momentum to be highlighted in quarterly earnings reports.'
Ingenia Therapeutics, which debuted on the KOSDAQ last month, is a biotechnology company focused on developing antibody therapies for microvascular recovery, targeting diseases related to microvascular damage.
* This article has been translated by AI.
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