Virus Vaccine Maker’s Bubble Bursts After Stock Crashes
- CanSino falls as much as 28% despite upbeat report on product
- Market value has fallen $1.9 billion in days after huge gain
This article is for subscribers only.
No amount of good news could stop CanSino Biologics Inc. shares from falling on Monday.
The Chinese vaccine maker tumbled as much as 28% to HK$160 in Hong Kong as a vertiginous rally gave way. The stock had rallied more than 300% this year until Thursday, when cracks first appeared as CanSino slumped 13%. Analysts cited profit-taking as the most likely cause for the drop.