Business Maverick: Chinese Pharma Firm Kintor Surges 229% After Saying Its Drug Reduces Covid Deaths

Shares were up 141% as of 11:06 a.m. local time after earlier surging as much as 229%, the biggest jump since the company’s Hong Kong listing in mid-2020. The stock was also the best performer on the the Hang Seng Composite Index, which slid 1.6%.The drug, proxalutamide, cut the risk of hospitalization or deaths by 50% to 100% as compared to a controlled group, depending on the days of treatment, Suzhou-based Kintor said in an exchange statement, citing data from its latest U.S. clinical trial.

Kintor shares surged more than 600% between January and August last year, as traders bet on a potential commercial windfall of an oral Covid treatmen. Shares then plunged in the fourth quarter due to failed clinical tests and the launch of Covid pills by overseas competitors. The company’s trading volume in the first hour of Wednesday trading is more than 400% of its 3-month full-day average. Its current price is 22% higher than the average target of analysts tracked by Bloomberg.

Funny. Just after a resent spike in cases? Mmm.

And big pharma get richer and richer...

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