[Featured Stock] Daewoong Pharmaceutical Soars Over 22% Intraday... Hits New High

[Asia Economy Reporter Minji Lee] Daewoong Pharmaceutical's stock price surged more than 20% during trading. The positive outcome in the Botox dispute with Medytox and the smooth progress in the development of a novel coronavirus disease (COVID-19) treatment appear to have influenced the stock price.

At 9:42 a.m. on the 18th, Daewoong Pharmaceutical was trading at 215,000 KRW, up 22.51% from the previous trading day. On the same day, Daewoong Pharmaceutical's stock price rose to 221,500 KRW during trading, setting a new 52-week high.

On the previous day, the U.S. International Trade Commission (ITC) ruled against Daewoong Pharmaceutical in the lawsuit with Medytox. However, detailed information indicated that the result was not unfavorable for Daewoong Pharmaceutical, leading to an upward trend in the stock price. Hyesun Lim, a researcher at KTB Investment & Securities, said, “The key issue was whether the strain was recognized as a trade secret, and since the allegation of strain misappropriation was dismissed, it is interpreted that intellectual property rights over Medytox’s strain were not recognized.”

Additionally, the approval by the Ministry of Food and Drug Safety to change the Phase 2 clinical trial of 'Hoistar Tablets,' being developed as a COVID-19 treatment, to a combined Phase 2/3 trial also positively impacted the stock price. Daewoong Pharmaceutical is expected to have received combined approval for Phase 3, enabling rapid research on a large number of patients.

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