[Edaily Reporter NA EUN-KYUNG ] On the 28th, dubbed “Black Tuesday,” some biotech stocks hit their daily price limit. On a day when the KOSDAQ market plummeted, Cellid Co., Ltd.(299660), BioInfra Co.,Ltd.(199730), and MedPacto, Inc.(235980)all hit their daily price limits. MedPacto, Inc. saw a simultaneous surge in the revaluation of its flagship pipeline and expectations for new pipelines, while BioInfra Co.,Ltd. managed a dramatic rebound ahead of the deadline for its designation as a “monitored stock.”

Meanwhile, the newly listed stock #HLGenomics could not escape the IPO slump and fell to half its offering price just four days after its listing.

MedPacto, Inc.: Reevaluation of Vectosetip and New Pipeline Draw Attention

According to KG Zeroin MP Doctor (formerly Marketpoint) on that day, MedPacto, Inc. closed at 3,480 won, up 29.85% from the previous day. Trading volume also increased more than fivefold compared to the previous trading day.

Investor sentiment toward MedPacto, Inc. is rapidly improving as the clinical value of its flagship candidate “Vectosetip” continues to gain attention, while its new pipeline is also taking shape.

The most notable development is the expansion of Vectosetip’s combination therapy strategy. Preclinical results from a combination of Vectosetip and “PROTEXI,” the dendritic cell (DC) cancer vaccine platform developed by affiliate Celoram, were recently published in the international academic journal *Nature Communications*. According to the company, the combination therapy reduced tumor size by 25% or more compared to Vectosetip monotherapy and increased the survival rate to over 75%. The survival rate in the Vectosetip monotherapy group was approximately 50%.

Previously, the same journal published results from a Phase 2 clinical trial of the combination of Vectosetip and pembrolizumab (brand name “Keytruda”) in patients with metastatic colorectal cancer. In patients with microsatellite-stable (MSS) metastatic colorectal cancer—a subgroup in which the efficacy of existing monotherapy with immune checkpoint inhibitors is limited—the study recorded a median overall survival (OS) of 13.2 months and a median duration of response (DOR) of 12.5 months. Notably, in the subgroup of patients without liver metastases, the objective response rate (ORR) reached 22.5%, and the median overall survival had not been reached at the time of analysis.

The company is currently seeking a co-development partner for a three-drug treatment strategy combining Vectosetip with a PD-1 inhibitor and a VEGF inhibitor. Preclinical studies showed that the tumor growth inhibition (TGI) rate improved from 41% with the existing two-drug combination to 86%. The osteosarcoma clinical trial is also proceeding as planned.

New pipeline candidates are also cited as a factor driving the company’s value growth in the second half of the year. This month, the company submitted an application to the Australian Human Research Ethics Committee (HREC) for approval of a Phase 1 clinical trial of “MP2021,” a treatment for bone diseases. In addition to a fusion protein targeting TM4SF19, the company is collaborating with a major Japanese pharmaceutical company on antibody candidates to develop various modalities targeting the same target.

Another key candidate, MP010, is a first-in-class candidate that simultaneously targets EDB-FN and TGF-β, both of which are overexpressed in the tumor microenvironment (TME). Preclinical studies confirmed high complete remission rates, long-term survival, and immune memory effects in pancreatic cancer and triple-negative breast cancer. At last month’s BIO USA conference, several global pharmaceutical companies expressed interest, and the company is currently in discussions regarding joint research. The company plans to submit an Investigational New Drug (IND) application for a Phase 1 clinical trial by the end of this year.

A MedPacto, Inc. official stated, “We are confirming the potential to expand the indications for Vectosetip through various studies, including its use in combination with colorectal cancer treatments and cancer vaccines,” adding, “As new pipeline candidates such as MP2021 and MP010 are also scheduled to enter the clinical phase sequentially, we will continue to demonstrate our R&D achievements.”

Two

on D-2 Before Being Designated a “Monitored Stock”… Will BioInfra Co.,Ltd. Surpass “20 Billion”?

Ltd

BioInfra Co.,Ltd. has managed a dramatic rebound just as it stood on the brink of being designated a “monitored stock.” On the 23rd, the Korea Exchange announced that BioInfra Co.,Ltd. was a “stock at risk of being designated as a monitored stock due to a market capitalization below 20 billion won.” Under the KOSDAQ listing maintenance system implemented in July, a company is designated as a monitored stock if its market capitalization remains below 20 billion won for 25 consecutive trading days. Accordingly, BioInfra Co.,Ltd. would be classified as a monitored stock if it fails to meet the criteria by the 30th.

However, the company managed to turn the tide by hitting the daily price limit for two consecutive days through the 28th, following its return to profitability. Nevertheless, its market capitalization stands at 12.9 billion won, still well below the threshold for designation as a monitored stock.

Pressure will remain even after designation as a “monitored stock.” If the market capitalization remains below 20 billion won for 45 or more of the 90 trading days following designation, it will constitute grounds for delisting. Consequently, analysts assess that stable earnings and improvements in corporate value are more important than a temporary surge in stock price.

BioInfra Co.,Ltd. operates in clinical trial specimen analysis (Central Lab) and contract research organization (CRO) services. With global pharmaceutical companies expanding their R&D investments, the medium- to long-term growth prospects of the CRO industry are still viewed positively. However, the key factor in the revaluation of the company’s corporate value is whether its return to profitability will be more than a one-time event and will lead to new orders and the acquisition of overseas clients.

Based on BioInfra Co.,Ltd.’s closing price on the 28th, its market capitalization stands at 12.9 billion won, requiring an additional rise of about 55% to reach the 20 billion won threshold for “monitored stock” status. A simple calculation shows that the company would need to hit the daily price limit for two consecutive days before the deadline for monitored stock designation to exceed this threshold. Investor interest is also focused on whether the company can surpass a market capitalization of 20 billion won, rather than on short-term spikes.

HL Genomics: IPO Price Halved Just Four Days After Listing

HL Genomics closed at 10,840 won on the 28th, down 19.58% from the previous trading day. This comes just two trading days after its KOSDAQ listing on the 24th. The price is 49.6% lower than the initial public offering (IPO

) price

of 21,500 won.

Despite strong initial performance—including an institutional book-building subscription ratio of 714.5 to 1 and the share price being set at the upper end of the offering range—the company is seen as having failed to overcome the recent chill in the IPO market. The fact that a significant number of newly listed stocks this year have traded below their offering prices immediately after listing also played a role.

The company’s business structure also failed to capture the market’s attention. HL Genomics is a manufacturer of active pharmaceutical ingredients (APIs) used in treatments for hypertension, hyperlipidemia, and allergies. Analysts note that as market interest has recently focused on high-growth platform companies—such as those developing obesity treatments, antibody-drug conjugates (ADCs), and cell and gene therapies—API companies, with their relatively stable manufacturing nature, have been viewed as having lower investment appeal.

However, industry experts believe there is no need to view the sector itself negatively. They point out that the restructuring of global supply chains, reduced reliance on China, domestic policies to localize API production, and growing demand for contract development and manufacturing (CDMO) services create a favorable environment for domestic API companies in the medium to long term.

Ultimately, earnings will be the key factor determining future stock prices. HL Genomics plans to invest the proceeds from its initial public offering (IPO) into the expansion of its second plant and increased production capacity. Whether this expanded production capacity translates into actual revenue growth, whether the company can secure new clients beyond its parent company, Hallym Pharmaceutical, and whether its CDMO business can generate tangible order wins are expected to be the key factors in the revaluation of the company’s value.

An industry insider stated, “The current slump in the stock price reflects the market’s conservative assessment of supply-demand dynamics and growth potential during the early stages of listing, rather than the industry outlook,” adding, “Ultimately, it is crucial to restore market confidence through strong earnings and new orders.”