Kolon TissueGene [950160] fell more than 3% during the session on the 25th. With market attention continuing on the change in the U.S. Phase 3 clinical trial schedule and the analysis results, the stock's volatility has increased.

On the morning of the 25th, Kolon TissueGene was trading at 19,560 won, down 790 won (3.88%) from the previous trading day. During the session, the stock fell to the 19,400-won range, widening its decline.

■ Consecutive Declines… Widening Volatility

Kolon TissueGene also closed at 20,350 won the previous day, down 1.93%. It fell 4.16% on the 21st and plunged 16.41% on the 20th, showing significantly widened price swings recently.

■ TG-C U.S. Phase 3 Topline Announcement Postponed to December

The company recently explained the progress of the U.S. Phase 3 clinical trial of TG-C, its cell and gene therapy for osteoarthritis, through an online shareholder meeting. The announcement of the topline results of the second U.S. Phase 3 clinical trial, originally expected in October, has been postponed to December. The company has stated that it plans to conduct a comprehensive review along with additional analysis of the first Phase 3 results.

Accordingly, the market views the additional analysis results of TG-C and the second Phase 3 topline as key variables that will determine the stock's future direction.

■ Biotech Stocks Sensitive to Clinical News

It is also necessary to consider that stocks with high expectations for clinical results can see large short-term price movements depending on changes in announcement schedules or interpretations.

As a general principle of the stock market, biotech stocks, unlike general manufacturing companies, often have future expectations—such as the probability of clinical success, technological value, and approval prospects—priced in ahead of time, beyond current earnings. For this reason, if clinical schedules are delayed or uncertainty over the interpretation of results grows, expectations can be adjusted and the stock can fall rapidly. Conversely, when positive clinical data is confirmed, investor sentiment can improve sharply in a short period.

■ Exercise Caution in Investment Decisions During Periods of Sharp Swings

In particular, during periods like the recent one, when the stock shows consecutive large swings, it is difficult to judge a buying opportunity simply based on the size of the decline, or conversely, to conclude that the downtrend will continue. It is important to check trading volume, supply and demand, clinical trial disclosures, and the company's official announcements together.

[This article was written with AI assistance. This article is for informational purposes only and does not recommend buying or selling any specific stock. Volatility can be high, and changes in margin requirements do not imply a rise in stock price, so investment decisions and responsibilities rest with the investor.]