On September 24, INNOCARE fell 5.02% in regular trading, trading at HK$15.01/share, with turnover of approximately HK$70.72 million. The decline came just one day after the stock reached a historical intraday high on September 23, when shares surged 4.38% on the A-share market following the release of its mid-year report.

The broader biotechnology sector weighed heavily on the stock, with peers posting widespread losses: REMEGEN down 6.79%, DUALITYBIO-B down 6.51%, AKESO down 3.74%, INNOVENT BIO down 2.61%, and BEONE MEDICINES down 1.28%. The sector-wide retreat follows a sharp rally earlier in the week, fueled by reports that the US may ease licensing cooperation restrictions on pharmaceutical companies and strong attendance at the World Lung Cancer Conference.

On the fundamental side, INNOCARE recently disclosed robust first-half results, with revenue of RMB 1.137 billion, up 55.5% year-over-year, and adjusted net profit of RMB 277 million, swinging from a loss of RMB 16 million in the prior-year period. The company also received clinical trial approval for its first dual-antibody ADC, ICP-B381, targeting prostate cancer.

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