SK Bioscience drops, now down by 24% from peak
SK Bioscience has fallen for two of the three days since its listing, down now by almost a quarter from its peak, with retail investors hit hardest.
The shares of the Covid-19 vaccine maker closed at 144,000 won ($127.5) on Monday, down 13.51 percent from the previous trading day.
SK Bioscience hit the daily trading ceiling on Thursday last week when it was listed for trading on the Korea Exchange, closing at 169,000 won.
That’s 160 percent up from its IPO price of 65,000 won.
On Friday, it peaked at 190,000 won but ended down for the day, by 1.48 percent, before the collapse of the shares on Monday.
The fall in the share price has hit its ranking as a public company.
It started off on Thursday as 28th largest Kospi constituent stock by market cap. It is now number 31, as its market cap fell from 12.9 trillion won on Thursday to 11 trillion won on Monday.
According to data from the Korea Exchange, trading of SK Bioscience shares was relatively light, with 876,189 shares worth 147.5 billion won changing hands on Thursday.
On Friday, 12.47 million shares worth 2.2 trillion won were traded, which is about 14 times the volume on Thursday.
On Monday, trading volume was moderate at 4.7 million shares worth 698 billion won.
Retail investors have been net buyers, but institutional and foreign investors have been sellers of the vaccine maker.
From Thursday through Monday, institutional investors net sold 44.3 billion won worth shares, and foreign investors offloaded 161.5-billion-won worth, while retail investors net bought 224.2 billion won shares.
In major initial public offerings last year, Kakao Games shares hit limits for two trading days, and SK Biopharmaceuticals shares hit the limits for three trading days.
BY KIM JEE-HEE [firstname.lastname@example.org]