The Spectacular 770% Surge of a Biotech Stock in Just 12 Weeks
- HLB Inc. has rallied from a low on prospects of cancer drugs
- Retail investors are flocking to healthcare stocks: Midas
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A Korean biotechnology stock has surged more than 700% since August as investors looked beyond an earlier failed clinical study in favor of the prospect of its cancer drugs reaching the market.
HLB Inc. surged as much as 24% in early trading Tuesday. The shares soared by the daily limit of 30% yesterday after Chief Executive Officer Jin Yang-Gon told local media that the company will develop five cancer drugs in the next five years. The company now has the second-most valuable stock on Kosdaq, with a market capitalization of $6.4 billion. It is also the biggest winner among 1,350 small-cap stocks in the past three months.