All stocks in the HLB group plummeted in unison on the 10th, hit by the shock of a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA), sharply dampening investor sentiment. Given the steep short-term decline, market attention is now focused on whether share prices can rebound in the new trading week starting on the 13th.

As of the market close on the 10th, HLB finished at 36,600 won, down 29.88% from the previous trading day. Its affiliates also fell in tandem. HLB Pharmaceutical (-29.98%), HLB Life Sciences (-29.87%), HLB Innovation (-29.82%), and HLB Therapeutics (-29.82%) were all pushed down to their daily price limit. HLB Biostep closed at 2,010 won, down 29.72%, and HLB Genex finished trading at 1,466 won, a 23.16% drop. HLB Global (-26.50%), HLB Panagen (-25.05%), and HLB Pan (-14.31%) also recorded steep losses, as selling pressure spread across the group's stocks.

The direct cause of the plunge was the announcement by Elevar Therapeutics, the U.S. subsidiary of HLB, that it had received an FDA Complete Response Letter for its livorceranib and camrelizumab combination therapy (a first-line treatment for liver cancer). Investor sentiment cooled rapidly following the news.

HLB offered an explanation that leaves room for a potential rebound. The company stated, "There were no additional issues raised regarding the efficacy, safety, clinical data, or CMC (Chemistry, Manufacturing, and Controls) data of the new drug," adding, "The reason for the hold on approval is a single issue, identified as the need to address cGMP compliance at a specific manufacturing facility."

In the market, there is an observation that the future trajectory of the stock price could vary depending on whether investor sentiment recovers and how the company responds going forward. With attention focused on how trading will unfold in the new week following such a sharp swing, this is a moment that requires a cautious perspective.

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