Reported 12 months ago
The 2024 Asian Biotechnology Conference is set to take place on July 24, with biotech stocks soaring as a result of positive pre-event anticipation. MiMedx, a generic drug manufacturer, saw its stock price hit a two-month high after trading volumes surged. Meanwhile, Tai Yao, a major player in raw materials and CDMO, has been on the rise with plans to expand its antibody drug conjugate production line. With the surge of biotech stocks in July, the biotech and medical sector in the Taiwanese stock market is thriving, driven by the re-escalation of the summer COVID-19 pandemic. Market optimism is high, particularly for MiMedx's expected growth in the second half of the year from sales of anti-leukemia drugs, with revenues anticipated to hit double-digit growth for the year. Tai Yao also showed strong performance with a significant increase in revenue, benefitting from the biotech market theme. Both companies are poised for continued growth and profitability in the upcoming quarters.
Source: YAHOO