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HLB trading suspended after 2-day 40% spike

Authorities suspended the trading of biotech HLB’s stocks on Wednesday to offset a sudden 40 percent jump over two days on the back of hyped expectations for a new cancer drug.

HLB will have a pre-new drug application meeting for Rivoceranib with the US’ Food and Drug Administration on Friday, by Korean time.

HLB stock ended Tuesday 7.75 percent higher at 180,800 won ($154) after hitting a new 52-week high of 209,700 won during intraday trading, edging out Celltrion Healthcare.

On the previous day, it had jumped 29.98 percent -- hitting the daily limit.

HLB is now the second most valuable stock on the secondary Kosdaq with a market capitalization of 7.09 trillion won.

HLB is short for Hyundai Life Boat. It was founded in 1975 as a lifeboat manufacturing company under Hyundai Group. It is the world’s second and Korea’s only lifeboat manufacturer, producing 700 boats a year.

The company underwent multiple mergers and acquisitions and expanded to biotech research and development in 2015.

By Lim Jeong-yeo (