Meanwhile, newly listed HL Genomics fell to nearly half of its IPO price just four trading days after its market debut, highlighting continued weakness in Korea's IPO market.
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◇MedPacto Rallies on Vactosertib, New Pipeline
According to KG Zeroin MP Doctor, formerly MarketPoint, MedPacto surged 29.85% to 3,480 won, with trading volume jumping more than fivefold.
Investor sentiment improved as its lead candidate vactosertib continued to generate positive clinical data. A recent Nature Communications paper showed that combining vactosertib with affiliate Celloram's dendritic cell cancer vaccine PROTEXI significantly reduced tumor size and improved survival compared with vactosertib alone.
The company also reported encouraging Phase 2 results combining vactosertib with Merck's Keytruda in microsatellite stable metastatic colorectal cancer, a patient group that typically responds poorly to immunotherapy. MedPacto is now seeking partners for a triple-combination regimen with a PD-1 inhibitor and a VEGF inhibitor.
Beyond vactosertib, the company is advancing MP2021, a bone disease candidate that recently entered the Australian regulatory process for a Phase 1 trial, and MP010, a first-in-class dual-target cancer therapy. MedPacto plans to file an investigational new drug (IND) application for MP010 by year-end.
◇Bioinfra Rallies Ahead of Watchlist Deadline
Bioinfra also staged a dramatic rebound as it approached a crucial deadline that could determine its watchlist status.
On July 23, the Korea Exchange designated Bioinfra as a company at risk of being placed on the watchlist because its market capitalization had fallen below 20 billion won. Under the revised Kosdaq listing maintenance rules that took effect this month, companies whose market capitalization remains below that threshold for 25 consecutive trading days are subject to watchlist designation. Bioinfra must recover above the threshold by July 30 to avoid the designation.
The company rebounded sharply after returning to profitability, posting two consecutive limit-up sessions through July 28. Even so, its market capitalization stands at just 12.9 billion won, well below the required level.
Pressure will remain even if the company is designated as a watchlist stock. Delisting risks emerge if market capitalization stays below 20 billion won for at least 45 out of the following 90 trading days. Analysts said sustained earnings improvement and stronger corporate value will matter more than a temporary share price spike.
Bioinfra operates a central laboratory business for clinical sample analysis and provides contract research organization (CRO) services. While long-term growth prospects for the CRO industry remain favorable as global drugmakers expand R&D spending, investors are watching whether the company's return to profitability can be sustained through new orders and overseas customer acquisitions.
Based on the July 28 closing price, Bioinfra would need its market capitalization to rise about 55% to exceed the 20 billion won threshold. In simple terms, that would require another two consecutive limit-up sessions before the deadline. Investors are now focused on whether the company can clear the market capitalization hurdle rather than merely extend its short-term rally.
◇HL Genomics Falls Below Half of IPO Price
HL Genomics closed at 10,840 won on July 28, down 19.58% from the previous session, only four trading days after listing on the Kosdaq on July 24. The stock has fallen 49.6% from its IPO price of 21,500 won.
The decline came despite strong IPO demand, including a 714.5-to-1 institutional book-building ratio and pricing at the top end of the indicated range. Analysts said the stock was unable to overcome the broader weakness in Korea's IPO market, where many newly listed companies have traded below their offering prices shortly after debuting.
The company's business profile has also attracted less investor attention. HL Genomics manufactures active pharmaceutical ingredients (APIs) used in treatments for hypertension, hyperlipidemia and allergies. As investor interest has shifted toward high-growth platforms such as obesity drugs, antibody-drug conjugates (ADCs), and cell and gene therapies, API manufacturers have been viewed as offering relatively lower growth potential.
Industry observers, however, said the sector's long-term outlook remains favorable. Global supply chain restructuring, reduced dependence on China, government policies promoting domestic API production and growing demand for contract development and manufacturing organization (CDMO) services could provide structural support for Korean API manufacturers.
Ultimately, analysts said future share performance will depend on earnings execution. HL Genomics plans to use IPO proceeds to expand its second manufacturing facility and increase production capacity. Whether the expansion translates into revenue growth, helps secure customers beyond parent company Hanlim Pharmaceutical, and generates meaningful CDMO contracts will be key factors in any future valuation reassessment.
"The recent share price weakness reflects cautious investor sentiment toward newly listed companies and growth expectations rather than concerns about the industry's long-term outlook," an industry official said. "The company will need to restore market confidence through earnings growth and new contract wins."
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