Duality Biotherapeutics (HKG:9606) announced plans to buy back up to $40 million worth of its shares from the open market, according to a Tuesday filing with the Hong Kong bourse.
The biopharmaceutical firm's shares gained over 3% in morning trade on Wednesday.
The company said its current share price does not reflect its intrinsic value, representing a good opportunity to conduct the buyback.
Meanwhile, Duality Bio Chairman and Chief Executive Officer Zhu Zhongyuan plans to increase his shareholding in the company by spending up to $5 million to buy shares in the secondary market.
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