[Special Stock] Ildong Holdings Soars 300% in a Month, Hits Record Highs

[Asia Economy Reporter Ji Yeon-jin] On the 20th, Ildong Holdings surged nearly 20%, setting a new 52-week high.

As of 10:06 AM on the same day, Ildong Holdings was trading on the KOSPI market at 51,400 KRW, up 20.23% (8,650 KRW) from the previous day. During the session, the stock price soared to 53,000 KRW, marking a 52-week high.

Ildong Holdings has shown a sharp rise since the 25th of last month, recording nearly 300% returns over the past month. Although the stock plunged after news broke on the 12th that the National Tax Service had launched a tax investigation into Ildong Pharmaceutical, it rebounded afterward and the stock price is again on a strong upward trend.

This is interpreted as reflecting expectations of explosive sales growth if Ildong Pharmaceutical’s oral COVID-19 treatment, jointly developed with Japan’s Shionogi Pharmaceutical, receives emergency approval in South Korea.

Kim Hyung-su, a researcher at Hanwha Investment & Securities, stated in a report on the 23rd of last month, "Assuming the price of ‘S-217622’, currently co-developed with Shionogi, is set at an affordable 300,000 KRW compared to competing products, and 500,000 doses are supplied, Ildong Pharmaceutical is estimated to achieve sales of 150 billion KRW," maintaining a ‘Buy’ investment rating on Ildong Pharmaceutical.

Yoon Woong-seop, CEO of Ildong Pharmaceutical, also said in his greeting at the regular shareholders’ meeting held at the company headquarters on the 25th of last month, "We will focus our capabilities not only on the clinical trials and commercialization of the COVID-19 treatment but also on new drug development projects such as diabetes treatments and non-alcoholic steatohepatitis (NASH) treatments to achieve more visible results."

This content was produced with the assistance of AI translation services.