[Featured Stock] SK Bioscience, Did It Rise Too Quickly? '6% Drop'
[Asia Economy Reporter Lee Seon-ae] SK Bioscience's stock price is plummeting. It appears to be giving back all the gains of over 10% made in the past five trading days. This is attributed to a large volume of profit-taking selling following the news that Novavax, with which it has a contract, received emergency use authorization for its vaccine in the EU.
As of 9:35 AM on the 21st, SK Bioscience is trading at 255,500 KRW, down 6.75% from the previous day. The stock opened at 268,500 KRW and dropped to as low as 253,500 KRW during the session.
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According to AP News and others on the 20th (local time), the European Union (EU) Commission decided to grant emergency use authorization for the Novavax vaccine for adults aged 18 and over. SK Bioscience signed a technology transfer and contract manufacturing agreement with Novavax last year. Accordingly, it holds the rights to produce and sell the vaccine domestically. The company recently applied for manufacturing and sales approval for the domestically produced Novavax vaccine.
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