REMEGEN (09995) saw its shares drop sharply by 5.00% during the intraday session on Monday. The biotech stock's decline followed a significant reduction in stake by BlackRock, one of its major institutional investors.
According to Hong Kong Stock Exchange filings, BlackRock sold 185,500 shares of REMEGEN at HK$81.6411 per share on November 25, totaling approximately HK$15.14 million. This sale reduced BlackRock's stake in the company to 4.99%. Such a move by a large investor often signals a lack of confidence, prompting negative market sentiment and a sell-off.
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