Biotech companies are buying back stock one after another. There are many cases in which company executives, such as the CEO, purchase treasury stocks. It is analyzed that the company is repurchasing its own shares to boost the stock price that has plummeted.
Humasys announced on the 16th that it had signed a 10 billion won treasury stock purchase trust contract. The company, which is supplying rapid antigen diagnostic kits for COVID-19, has risen to 34,500 won at the beginning of last month as demand for diagnostic kits has surged due to the Omicron epidemic, and has recently dropped to around 10,000 won.
Huons Group also decided to buy back 8 billion won worth of treasury stock on the same day. Huons Global decided to buy back 5 billion won and Humedix 3 billion won worth of treasury stocks. On the 10th, Hanall Biopharma also decided to acquire 10 billion won worth of treasury stock. On the 4th, Seegene announced a decision to buy back 50 billion won worth of treasury stock.
CEOs and others may directly purchase treasury stocks. Kang Stem Biotech announced on the 15th that 8 executives, including CEO Na Jong-cheon, had purchased treasury stock worth 100 million won. Jo Sang-rae, CEO of Gencurix, also started buying on the 14th and bought 100 million won worth of treasury stock. CEO Cho said, “The stock price has fallen sharply in a short period of time due to overseas geopolitical risks and worsening investor sentiment.