Xcell Therapeutics stock down nearly 5% from offering price

[Courtesy of Xcell Therapeutics Inc.]

South Korean pharmaceutical company Xcell Therapeutics Inc. saw its shares fall by nearly 5 percent on its first trading day on the Kosdaq market on Monday.

Xcell Therapeutics shares were trading at 9,530 won as of 10:57 a.m. on Monday, down 4.7 percent from the offering price of 10,000 won.

The decline comes after the stock surged earlier on in the morning to reach 12,900 won.

Xcell Therapeutics specializes in developing culture media, a key material for cellular gene therapy (CGT), with its main product being the third-generation chemically defined media CellCor.

During its book-building session for institutional investors, the company had a competition rate of 1,233.8 to 1. The offering price was set at 10,000 won, higher than the upper end of the desired range of 6,200 won to 7,700 won.

The public subscription saw a competition ratio of 517 to 1. A total of 1.06 trillion won was collected in deposits.

Meanwhile, the stock price of Hanyang Securities Co. surged on Monday, following news that it was up for sale.

Hanyang Securities shares were trading at 15,080 won as of 11 a.m., up 8.17 percent from the previous trading day.

The stock had already shown a strong performance, rallying more than 9 percent on July 11 and 12 ahead of the official announcement of the sale.

Hanyang Securities said that its largest shareholder, Hanyang Academy, is seeking to sell its shares.

Hanyang Academy, a school corporation that operates Hanyang University, is reportedly pushing the sale to provide liquidity as its affiliated construction company, Hanyang Industrial Development Co. is facing difficulty due to the real estate project fund crisis while Hanyang University Hospital due to the aftermath of a resident doctor strike.