Shares of JUNSHI BIO, a leading biopharmaceutical company in China, plummeted by 8.10% on October 14th, despite receiving regulatory approval for its new cholesterol drug ongericimab injection from the National Medical Products Administration (NMPA).
The drug, intended for the treatment of adult patients with primary hypercholesterolemia and mixed dyslipidemia, had been granted a new drug application by the NMPA, according to a filing by the company on the Hong Kong stock exchange.
However, the positive news of the regulatory approval did not translate into stock gains for JUNSHI BIO. The company's shares fell nearly 5% in Hong Kong trading and 1% in Shanghai, closing at HKD 14.58 on the day.
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