Stock Track | KEYMED BIO-B Stock Soars on China Approval for Atopic Dermatitis Drug

Stock Track09-13

Shares of KEYMED Biosciences Inc. (02162.HK) surged by 6.89% on Thursday after the Hong Kong-based biopharmaceutical company received a significant regulatory approval for one of its lead drug candidates.

The company announced that China's National Medical Products Administration (NMPA) has granted marketing approval for Stapokibart, an innovative drug used to treat moderate-to-severe atopic dermatitis in adults. This approval paves the way for KEYMED to commercialize and sell Stapokibart in the vast Chinese pharmaceutical market, a critical milestone for the company's pipeline.

Investors welcomed the news, driving KEYMED's stock price up by nearly 7% in intraday trading. Analysts praised the approval as a crucial step forward for the company, with some raising their price targets and rating recommendations for the stock. The positive market reaction underscores the significance of the NMPA approval and the potential for Stapokibart to generate substantial revenue for KEYMED in the Chinese market.

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