Celltrion surpasses Hyundai Motor in market value
[THE INVESTOR] Drug maker Celltrion’s stock has made significant gains in recent days, surpassing Hyundai Motor in terms of market value, data showed Jan. 8.
Celltrion shares jumped 55.12 percent over the past seven trading sessions to 302,500 won (US$283.29), pushing the company’s capitalization to a record 37.1 trillion won. Hyundai’s market capitalization stood at 33.2 trillion won.
Celltrion’s stock has already exceeded target prices by brokerages.
The surge in its stock price came as the company is scheduled to move to the benchmark KOSPI market next month from the junior KOSDAQ market.
Hong Ka-hye, an analyst at Daishin Securities, said foreign investors have snapped up Celltrion shares in recent trading sessions.
Analysts expected shares of Celltrion to rise further as the company is likely to win government approval for more new products going forward.
By Alex Lee and newswires (firstname.lastname@example.org)