Korea Stock Market Insights

Tag: Biosimilar

Prestige Biologics: European Approval for HD201 – A Promising Investment?
Prestige Biologics has achieved a significant milestone with the European approval of HD201 (Tuznue). However, behind this achievement lie lingering financial concerns. This article analyzes the significance of HD201’s European launch, the growth potential of the CDMO business, and the key risk factors investors should consider, offering insights into future investment strategies.
HD201’s European Entry: What’s the Big Deal?
The European approval of HD201 (Herceptin biosimilar) is a major validation of Prestige Biologics’ technological capabilities. Entering the European market is expected to be a key driver of sales growth. Furthermore, the growth of the CDMO business is also noteworthy, showing consistent revenue growth in line with the expanding global biopharmaceutical market.
Potential Risks to Consider Before Investing
The picture isn’t entirely rosy. Ongoing operating losses and high R&D expenses remain challenges to overcome. High debt-to-equity ratio and convertible bond burdens also raise concerns about financial stability. The current high-interest rate environment and exchange rate volatility are additional external risk factors to consider.
So, Should You Invest in Prestige Biologics Now?
The current investment recommendation is ‘Hold and Cautious Observation’. The success of HD201’s commercialization and the trend of earnings improvement should be closely monitored. The reduction in operating losses and the timing of turning to profit will be important investment indicators.
Action Plan for Investors
- Existing investors: Hold from a medium- to long-term perspective and monitor earnings improvement trends.
- New investors: Make investment decisions after confirming the commercialization performance of HD201 and improvements in profitability. Paying close attention to changes in financial indicators is crucial.
Frequently Asked Questions (FAQ)
Why is the European approval of HD201 significant?
It opens doors to the European market, potentially boosting sales and validating the company’s technological prowess.
What are the main risk factors for Prestige Biologics?
Key risks include ongoing operating losses, high R&D expenses, and concerns about financial soundness.
Is it a good time to invest?
It’s advisable to monitor the success of HD201’s commercialization and profit improvement trends before investing. The recommendation is ‘Hold and Cautious Observation’.
09/18/2025
Dong-A Socio Holdings Stock Outlook: Bearing Asset Management Sells 1% Stake, What Should Investors Do?
Bearing Asset Management Sells 1% Stake in Dong-A Socio Holdings! What Should Investors Do?
On September 8, 2025, news broke that Bearing Asset Management had sold a significant portion of its Dong-A Socio Holdings shares. This event could lead to short-term downward pressure on the stock price. This analysis will examine the background of this sell-off, fundamental analysis, future stock outlook, and the action plan investors should take.
What Happened? Bearing Asset Management Reduces Dong-A Socio Holdings Stake
Bearing Asset Management decreased its stake in Dong-A Socio Holdings from 9.48% to 8.45%, a reduction of approximately 1%. While the stated purpose was ‘simple investment,’ this significant change triggered mandatory disclosure requirements.
Sell-off Background and Fundamental Analysis: Opportunity or Crisis?
This sell-off could reflect Bearing Asset Management’s internal investment strategy changes or concerns about Dong-A Socio Holdings’ fundamentals. While the company has positive factors such as growth in the biosimilar sector and shareholder return policies, there are also negative factors like declining consolidated revenue and legal risks related to Dong-A ST. The current macroeconomic environment also presents challenges, including the rising USD/KRW exchange rate, which could negatively impact the company.
Future Stock Outlook and Investment Strategies: How Should Investors Respond?
This large-scale sell-off is likely to exert downward pressure on the stock price in the short term. However, from a long-term perspective, it’s crucial to consider the growth potential of the biosimilar business, the stabilization of Dong-A ST’s business, and macroeconomic variables.
- Short-term investors: It’s advisable to remain cautious and observe whether further sell-offs occur.
- Long-term investors: Pay attention to future earnings announcements and business updates, and carefully analyze the company’s fundamentals.
Frequently Asked Questions (FAQ)
How will Bearing Asset Management’s stake sale affect Dong-A Socio Holdings’ stock price?
In the short term, it’s likely to put downward pressure on the price. However, the long-term impact will depend on the company’s fundamentals and market conditions.
How should investors respond?
Short-term investors should wait and see, while long-term investors should analyze the company’s fundamentals and macroeconomic variables to make investment decisions.
What is the future outlook for Dong-A Socio Holdings?
There is growth potential in the biosimilar sector, but uncertainties remain, including legal risks related to Dong-A ST. Investors should monitor future earnings and business developments.
09/08/2025
Aprogen Announces ₩20.1B Rights Offering: A Bet on APTON and Future Growth? (Investment Analysis)
Biopharmaceutical company Aprogen has announced a significant rights offering exceeding ₩20 billion for its subsidiary, APTON. Will this injection of capital revitalize its stock price? This situation presents both an opportunity for financial improvement and growth, along with the risk of share dilution. We analyze Aprogen’s investment strategy and provide future outlook.
Aprogen’s ₩20.1 Billion Rights Offering: Background and Objectives

Aprogen will conduct a third-party rights offering of ₩20.181 billion for its subsidiary, APTON. The purpose is to secure investment funds for APTON’s growth. Aprogen is currently focusing on its biosimilar business, and APTON plays a key role in this strategy.

Rights Offering: Opportunities and Risks
- Opportunities:
  
  Accelerated biosimilar business growth through investment in APTON
  
  Improved financial structure and enhanced liquidity
- Risks:
  
  Concerns about share dilution due to discounted offering price
  
  Uncertainty surrounding the efficiency of fund utilization
Investing in Aprogen: What Should Investors Do?

This rights offering presents an opportunity for Aprogen’s future growth, but also carries risks for investors. Consider the following:
- Monitor the execution and outcomes of fund allocation
- Review the progress of the biosimilar pipeline
- Check for changes in financial soundness
- Consider the volatility of macroeconomic indicators
Frequently Asked Questions (FAQ)

How will the rights offering affect Aprogen’s stock price?

In the short term, there may be downward pressure due to concerns about share dilution. In the long term, it could positively impact the stock if APTON grows successfully. However, efficient fund utilization and business performance are key variables.

What is Aprogen’s core business?

Aprogen operates various businesses including biosimilars, metals, insulation materials, and synthetic pharmaceuticals. The company is currently focusing its investments on the biosimilar business.

What should investors be cautious of?

Investors should carefully consider the execution and outcomes of the fund allocation, progress of the biosimilar pipeline, changes in financial soundness, and macroeconomic indicators before making investment decisions.
09/03/2025
Celltrion’s Darzalex Biosimilar Gets Green Light for Phase 3 Trial in Europe: What Investors Need to Know
Celltrion’s Darzalex Biosimilar Advances to Phase 3 Trial in Europe!

Celltrion’s CT-P44, a biosimilar of the blockbuster drug Darzalex, has received approval for its Phase 3 clinical trial plan in Europe. This achievement marks a significant step towards securing Celltrion’s future growth engine. This article explores the significance of this approval, its potential impact on Celltrion’s investment outlook, and provides insights into effective investment strategies.
What does the Phase 3 Trial Approval Mean for CT-P44?

CT-P44 is a biosimilar of Darzalex, a leading multiple myeloma treatment. The European approval for the Phase 3 trial validates Celltrion’s biosimilar development capabilities and its ability to conduct clinical trials at a global standard. Successful clinical outcomes have the potential to strengthen Celltrion’s oncology portfolio and drive future revenue growth.

How Will This Approval Shape Celltrion’s Future?

The successful development and launch of CT-P44 is expected to contribute significantly to Celltrion’s long-term growth. Considering the high growth potential of the multiple myeloma treatment market and Celltrion’s competitiveness in biosimilars, significant market share acquisition is anticipated. Merger synergies and the transition to direct sales are also expected to positively impact sales and operating profit.

Key Checkpoints for Investors

Despite the positive outlook, investors should consider several potential risks, including the inherent uncertainties of clinical trials, competitive landscape, and foreign exchange fluctuations. Careful monitoring of clinical results, competitor activities, and currency movements, coupled with a long-term investment perspective, is crucial.

Developing a Sound Investment Strategy
- Short-term Investment: While the Phase 3 trial approval may have a positive short-term impact on stock prices, a cautious approach is advisable considering the uncertainties surrounding clinical outcomes.
- Mid- to Long-term Investment: Successful commercialization of CT-P44 is likely to drive Celltrion’s corporate value, suggesting a long-term investment strategy is preferable.
- Risk Management: Investors should develop monitoring and response strategies to mitigate potential risks such as foreign exchange fluctuations and intensifying competition.
What disease does CT-P44 treat?

CT-P44 is a biosimilar of Darzalex, a medication used to treat multiple myeloma.

Why is this Phase 3 trial approval important for Celltrion?

It validates Celltrion’s biosimilar development capabilities and global clinical trial expertise, with significant potential for future revenue growth.

What should investors consider when investing in Celltrion?

Investors should consider the uncertainties of clinical trials, competition, and currency fluctuations, adopting a long-term perspective and continuously monitoring relevant information.
08/31/2025
Samchundang Pharm’s Treasury Stock Disposal: Good or Bad? Key Analysis for Investors
Samchundang Pharm Decides to Dispose of Treasury Stock Worth 29.5 Billion Won! What’s the Investment Strategy?

Samchundang Pharm’s announcement of treasury stock disposal is drawing attention from investors. Is this decision good news or bad news? This article closely analyzes the background and impact of the treasury stock disposal and presents key points investors should consider.
1. What Happened?

Samchundang Pharm announced on August 27, 2025, that it will dispose of 150,000 treasury shares for 29.5 billion won. The purpose is to secure funds for issuing exchangeable bonds.

2. Why Dispose of Treasury Stock?

Samchundang Pharm is currently accelerating the development of its biosimilar for age-related macular degeneration (SCD411) and is preparing to enter global markets such as Japan, Canada, and Europe. The company needs to secure funds for this business expansion and continued R&D investment.

3. So, What’s the Impact on the Stock Price?
- Positive aspects: Securing funds can enhance financial flexibility and accelerate R&D investment and business expansion.
- Negative aspects: Concerns include the dilution effect on earnings per share (EPS) due to the increase in outstanding shares, the possibility of increased financial burden from issuing exchangeable bonds, and a negative impact on investor sentiment.
In addition, the current high interest rates and exchange rate volatility can negatively affect financing costs and the profitability of overseas businesses. Therefore, the financing strategy needs careful review.

4. What Should Investors Do?
- Keep an eye on the fund utilization plan and the progress of biosimilar development.
- Carefully review the terms of the exchangeable bond issuance (conversion price, maturity, interest rate, etc.) and assess potential risks.
- Analyze the possibility of fundamental improvement, such as whether the trend of slowing sales and deteriorating profitability can be reversed, and the company’s ability to respond to the macroeconomic environment.
Frequently Asked Questions

Is treasury stock disposal always bad news?

Not necessarily. If the funds raised can secure growth drivers, it can have a positive impact in the long run. However, the fund utilization plan and changes in financial soundness should be carefully reviewed.

What are exchangeable bonds?

Exchangeable bonds are bonds that grant the right to exchange them for the issuer’s stock after a certain period.

What is the development status of SCD411?

It is currently preparing to enter major markets such as Japan, Canada, and Europe, and has received approval from Health Canada. Expansion into the US and Latin America is also planned.
08/27/2025
Samchundang Pharm Issues ₩29.5B Convertible Bonds: Opportunity or Risk?
Samchundang Pharm’s ₩29.5 Billion Convertible Bond Issuance: Why You Should Read This

Biosimilar company Samchundang Pharm’s decision to issue ₩29.5 billion in convertible bonds is a significant event for investors. Does it signal a positive step towards securing R&D funding or a concerning increase in financial burden? This article provides a comprehensive analysis of the issuance, highlighting key points investors should consider to make informed decisions amidst the company’s growth potential and current financial risks.
1. What Happened? Samchundang Pharm Announces Convertible Bond Issuance

Samchundang Pharm will issue ₩29.5 billion in convertible bonds on September 19, 2025. The issuance will be conducted privately, with a conversion price set significantly higher than the current stock price at ₩196,946. Institutional investors, including Pureun Investment and Shinhan Investment Corp., are participating.

2. Why? Funding R&D and Strengthening Financial Structure

Samchundang Pharm is currently focused on R&D, including the development of its biosimilar for age-related macular degeneration (SCD411). While crucial for long-term growth, these investments have led to short-term profit decline. The convertible bond issuance is interpreted as a strategic move to secure funding for R&D and improve the company’s financial structure.

3. What’s the Impact? Analyzing the Positives and Negatives
- Positives: The secured funding will accelerate the development of SCD411. The participation of institutional investors signals market confidence in the company. If the stock price surges, bondholders stand to gain significantly due to the high conversion price.
- Negatives/Neutral Considerations: The bond issuance increases debt and incurs interest expenses. The high conversion price makes short-term stock price gains unlikely and could raise concerns about financial difficulties. It also presents a potential stock dilution risk if the share price rises significantly.
4. Investor Action Plan: Careful Monitoring is Key

Samchundang Pharm’s convertible bond issuance presents both opportunities and risks. Investors should focus on monitoring the company’s long-term growth potential, especially the development progress and clinical trial results of SCD411, rather than short-term stock fluctuations. The company’s efforts to improve profitability and manage its financial health will also be crucial factors to consider.
Frequently Asked Questions

What are convertible bonds?

Convertible bonds are bonds that can be converted into shares of the issuing company’s stock after a certain period.

How will this bond issuance affect Samchundang Pharm’s stock price?

The short-term impact is expected to be minimal, but the long-term impact will depend on the success of SCD411 development. The high conversion price presents a stock dilution risk.

What should investors pay attention to?

Investors should monitor the development progress of SCD411, clinical trial results, the company’s efforts to improve profitability, and changes in its financial health.
08/27/2025
Dong-A Socio Holdings Stock Report: Chairman Kang’s Intentions Revealed (Investor Analysis)
Should You Invest in Dong-A Socio Holdings Now?

The recent disclosure of Dong-A Socio Holdings Chairman Kang Jeong-seok’s ‘Report on Large Shareholdings’ has caught the attention of investors. Going beyond a simple change in shareholding, the report revealed ‘market purchases’ and ‘loan extensions on shares,’ raising questions about the background and future stock price outlook. This article provides a detailed analysis of the report’s key contents, corporate fundamentals, hidden investment risks, and key points investors should focus on.
1. What Happened?: Decoding the Large Shareholding Report

Chairman Kang filed the report, maintaining his existing 42.62% stake, citing ‘market purchases’ and ‘loan extensions on shares.’ While the small market purchases can be interpreted as a positive signal, their limited scale suggests a minimal short-term impact on the stock price. The loan extensions are likely due to funding needs, but require further risk management regarding collateral ratio changes. Crucially, the report states ‘influence on management rights’ as the purpose of holding the shares. This indicates Chairman Kang’s strong commitment to maintaining management control, raising expectations for management stability and enhanced corporate value.

2. Why It Matters: Fundamental and Market Analysis

Dong-A Socio Holdings is showing robust performance, driven by the explosive growth of biosimilars (Stellara biosimilar). The diversified business portfolio, including over-the-counter drugs, logistics, packaging, and bottled water, provides a stable growth foundation. Improved debt ratios are also positive. However, potential risks like the suspension of redemptions in certain funds, potential slowdown in the logistics sector due to global economic downturn, and macroeconomic variables such as exchange rate and interest rate fluctuations require continuous monitoring.

3. What Should You Do?: Investment Strategy

Considering the high growth potential of the bio division and the diversified business portfolio, Dong-A Socio Holdings can be viewed positively from a long-term investment perspective. However, careful examination of investment asset risks, the impact of macroeconomic variables, and fluctuations in the logistics sector’s profitability is necessary. Closely monitoring the sustainability of bio business growth and new pipeline acquisition strategies is crucial.

4. Investor Action Plan
- Short-term investors: A cautious approach is necessary considering the potential for increased stock price volatility. Focus on a mid-to-long-term investment strategy rather than short-term price fluctuations.
- Mid-to-long-term investors: Make investment decisions based on a comprehensive assessment of bio business growth potential and risk management capabilities. Consider a diversified investment strategy through gradual purchases.
Frequently Asked Questions

What does Chairman Kang’s market purchase signify?

Although a small amount, it can be interpreted as a positive signal, showing his intention to maintain management rights and defend the stock price.

Will the loan extension negatively affect the stock price?

Unless it leads to direct selling pressure, it is considered neutral. However, it is essential to monitor potential changes in collateral ratios and other factors.

What is the outlook for Dong-A Socio Holdings?

The growth of the bio sector and the diversified portfolio are positive, but investors should consider investment asset risks and macroeconomic variables.
08/27/2025
Celltrion Investment Analysis: New Plant Fuels Future Growth!

Celltrion Invests ₩300 Billion, Securing Future Growth! Is it a Good Investment?

Biosimilar giant Celltrion has announced the construction of a large-scale new plant in Yesan, Chungcheongnam-do, drawing significant market attention. What does this investment mean for Celltrion in the rapidly changing biopharmaceutical market, and what opportunities does it present for investors? This article analyzes Celltrion’s recent performance, the background of the new plant investment, its future growth potential, and key investment points to provide valuable information for investment decisions.

1. What’s Happening with Celltrion?

Celltrion recorded sales of ₩1.8034 trillion and operating profit of ₩391.9 billion in Q2 2025. Although these figures decreased year-on-year due to one-off costs related to the merger, both sales and operating profit showed growth on a standalone basis. The most notable news is the ₩300 billion investment agreement for the construction of a new biopharmaceutical and related materials plant in Yesan, Chungcheongnam-do.

2. Why the Investment?

This investment has two main objectives. First, it aims to expand production capacity to meet the growing global demand for biosimilars and secure the stable supply of new drugs. Second, it seeks to strengthen Celltrion’s CDMO (Contract Development and Manufacturing Organization) capabilities to create new revenue streams and diversify its business portfolio.

3. What Does the Future Hold?

The new Yesan plant will allow Celltrion to increase production and enter the CDMO business, securing future growth engines. The expansion of direct sales of Remsima SC (CT-P13 SC) in the US market, the launch of subsequent biosimilars, and R&D investments in new modalities such as ADCs will support long-term growth. However, global interest rate and exchange rate volatility, as well as intensifying competition in the biosimilar market, require continuous monitoring.

4. What Should Investors Do?

While Celltrion has solid fundamentals and growth potential, investors should carefully consider the financial burden of the new plant investment, the market performance of Remsima SC and subsequent biosimilars, the potential for commercialization of the R&D pipeline, and the intensity of market competition before making investment decisions. Experts are considering upgrading Celltrion’s investment rating from ‘Neutral’ to ‘Buy’.

Frequently Asked Questions

What are Celltrion’s main products?

Key products include biosimilars like Remsima, Truxima, and Herzuma, as well as Remsima SC (CT-P13 SC), the first FDA-approved subcutaneous formulation of infliximab.

What is the significance of the new plant in Yesan?

It is expected to secure future growth momentum by expanding production capacity and enabling entry into the CDMO business, strengthening future profitability.

What should investors consider when investing in Celltrion?

Investment decisions should be made considering changes in the global economic environment and intensifying competition in the biosimilar market.

08/27/2025
Celltrion Stock Forecast: Management Stake Increase, A Positive Signal?
Should you invest in Celltrion stock now? Recent news of increased stake by Celltrion Holdings and Chairman Seo Jung-jin has caught the attention of investors. Is this a simple investment or a strong conviction in Celltrion’s future? This article analyzes Celltrion’s recent public disclosure, explores the hidden implications, and provides future stock price outlook and investment strategies.
1. What Happened?

According to the ‘Report on the Status of Large-volume Holding of Stocks, etc. (General)’ disclosed on August 19, 2025, Celltrion Holdings’ stake in Celltrion increased from 29.95% to 30.25%, a 0.30%p increase. Chairman Seo Jung-jin also participated in the stock purchase, demonstrating his confidence in management and fundamentals. Various factors such as the extension of stock collateralized loans, new borrowings, and stock option exercises played a role, but the key takeaway is the increase in stake.

2. Why Does It Matter?

The increase in stake by major shareholders signifies more than just a numerical change. It sends a strong signal to the market, demonstrating management stability, confidence in fundamentals, and commitment to responsible management. Especially for a biopharmaceutical company with high growth potential like Celltrion, management’s confidence can significantly influence investors.

3. How Are Celltrion’s Fundamentals?

Positive. There are many encouraging factors, including solid growth in the biosimilar business, strengthening new drug development capabilities, and the transition to a direct sales system in the US market. A stable financial structure is also one of Celltrion’s strengths.
- Robust biosimilar business growth
- Enhanced new drug development capabilities
- Expansion of direct sales in the US market
- Stable financial structure
4. What About Market Conditions and Stock Price Outlook?

The weak Korean Won is positive for Celltrion, but high interest rates and rising government bond yields are burdens. However, considering Celltrion’s solid fundamentals, a positive outlook prevails. Nevertheless, risk management according to market changes is necessary.

5. What Should Investors Do?

If you are considering investing in Celltrion, we recommend the following action plan:
- Monitor Fundamentals: Regularly check earnings announcements, new drug development progress, and market expansion strategies.
- Watch Macroeconomic Indicators: Analyze and prepare for the impact of interest rate and exchange rate fluctuations.
- Track Major Shareholder Trends: Continuously monitor management’s stake changes.
Why is the change in major shareholders’ stake important?

Changes in the stake of major shareholders, especially management, can be interpreted as an indicator of their confidence in the company’s future. An increase in stake can be seen as a positive sign, demonstrating management stability and commitment to long-term growth.

What is the future stock price outlook for Celltrion?

Experts offer a positive outlook for Celltrion, considering its solid fundamentals and the growth of the biosimilar market. However, factors such as changes in the macroeconomic environment and increased competition should also be considered. Thorough information gathering and analysis are necessary before making investment decisions.

What should investors be aware of when investing in Celltrion?

Investors should always consider risks. In the case of Celltrion, intensified competition in the biosimilar market, uncertainties in new drug development, and exchange rate fluctuations can act as major risk factors. It is important to fully consider these factors before investing and to establish risk management strategies such as portfolio diversification.
08/21/2025
Aphrozen Licenses Anti-VISTA Cancer Drug: Investment Opportunity or Risk? (PMC-309 Deal Analysis)
A New Game Changer in Immuno-Oncology? Aphrozen’s Strategic Move

Biosimilar developer Aphrozen has announced a licensing agreement with PharmAbcine for the anti-VISTA immunotherapy PMC-309, marking a significant step towards expanding its portfolio. Could this deal be the key to unlocking Aphrozen’s future growth? This report provides a detailed analysis of the agreement, its potential impact on fundamentals and market dynamics, and crucial information for investors.
1. Aphrozen Licenses PharmAbcine’s Anti-VISTA Immunotherapy PMC-309

On August 18, 2025, Aphrozen announced a licensing agreement with PharmAbcine for PMC-309, an anti-VISTA immunotherapy. This agreement grants Aphrozen exclusive rights to develop and commercialize PMC-309. The drug candidate works by blocking VISTA, a checkpoint protein, enhancing T-cell activation, reducing immunosuppressive cells, and potentially restoring the anti-tumor microenvironment. Currently, PMC-309 is in Phase 1a/1b clinical trials in Australia for patients with advanced or metastatic solid tumors (November 2023 – December 2027).

2. What Does This Deal Mean for Aphrozen?

This agreement is a strategic move to diversify Aphrozen’s biopharmaceutical portfolio and secure future growth drivers. Entering the high-growth immuno-oncology market is a positive signal. The stable cash flow from Aphrozen’s existing biosimilar business will support R&D investment in new drug pipelines, including PMC-309. However, as this is an early-stage clinical trial, the success of development and commercialization remains uncertain and will require significant time.

3. Investor Considerations: Balancing Risk and Opportunity

Investors should be aware that this is a ‘conditional agreement.’ Costs and potential contract termination are contingent on the success of clinical trials and regulatory approvals. Increased R&D spending may pose a financial burden, and the inherent volatility of the biotech industry could lead to significant stock price fluctuations. However, successful clinical outcomes and market entry could generate substantial returns, presenting a potential long-term investment opportunity.

4. Action Plan for Investors
- Monitor the release of PMC-309 Phase 1a/1b clinical trial results and safety/efficacy data.
- Stay informed about future clinical trial plans and regulatory interactions.
- Track Aphrozen’s financial health and R&D investment efficiency.
- Make informed investment decisions based on thorough research and professional advice.
Q: What is the agreement between Aphrozen and PharmAbcine?

A: Aphrozen has licensed PharmAbcine’s anti-VISTA immunotherapy PMC-309, gaining exclusive rights for its development and commercialization.

Q: What is PMC-309?

A: PMC-309 is an anti-VISTA immunotherapy currently in Phase 1a/1b clinical trials in Australia.

Q: What are the key investment considerations?

A: This is a conditional agreement, and outcomes depend on successful clinical trials and regulatory approvals. Investors should consider the potential financial burden of increased R&D spending and the inherent volatility of the biotech market.
08/21/2025