HanAll Biopharma shares surge after positive clinical data from U.S. partner

[Courtesy of HanAll Biopharma]

HanAll Biopharma saw a sharp increase in its stock price to its daily limit following the release of interim phase 1 clinical trial data from its global partner, Immunovant, on Wednesday.

Starting from the opening bell, HanAll Biopharma shares traded at 32,650 won ($24.1), a 29.82 percent increase over the previous day’s closing price, on the Kospi market.

According to sources, Immunovant announced the interim data from its phase 1 clinical trial of IMVT-1402, a follow-up compound to its autoimmune disease treatment IMVT-1401, during a conference call held on Tuesday (local time).

“Repeated administration of IMVT-1402 300 mg showed an inhibitory efficacy of approximately 63 percent on IgG (immunoglobulin G) in the blood,” DS Investment and Securities analyst Kim Min-jung said, adding, “When administered at a maximum dose of 600 mg, it is estimated to demonstrate an inhibitory efficacy of over 80 percent on IgG, which is the highest achievable value through the anti-Fc receptor (FcRn).”

On Wednesday, several securities firms raised their target prices for HanAll Biopharma, reflecting the increased value of its pipeline.

Immunovant’s stock price surged by 97.04 percent on the Nasdaq market overnight.