Stock Track | SBP GROUP Soars 5.03% Intraday on Dual Pipeline Catalysts and Share Buyback Program

Stock Track06-24 09:55

SBP GROUP's stock surged 5.03% during intraday trading on Wednesday, marking a significant upward movement for the pharmaceutical company.

The sharp rise follows positive developments in the company's pipeline. A new drug application for tecotabart vedotin (LM-302), targeting gastric or gastroesophageal junction adenocarcinoma, was officially accepted by China's drug regulatory authority. Additionally, the company's exclusively partnered innovative drug Peceleganan Spray received marketing approval for treating wound infections from burns.

Further supporting the stock movement, the company has been actively executing a share buyback program of up to HK$2 billion, stating its value is significantly underestimated. The broader pharmaceuticals sector also showed recovery momentum during the session, contributing to positive investor sentiment.

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