HanAll Biopharma drew investor attention after its overseas partner released earlier-than-expected clinical data, while Xcell Therapeutics rallied on expectations of China-related revenue generation. PeopleBio also gained momentum after hinting at plans to enter the U.S. market with its key product.
Some stocks, however, were left behind despite the broader rally. GeneOne LifeScience, Genome & Company, and ROKIT Healthcare each posted declines of around 10%.
HanAll Biopharma chart(Cred=KG Zeroin, MP Doctor)
◇HanAll Biopharma Hits Limit Up on Immunovant’s ‘IMVT-1402’ Data Release
According to KG Zeroin MP Doctor (formerly MarketPoint), HanAll Biopharma closed up 29.85% (won 11,700) at won 50,900. The surge followed the release of data on “IMVT-1402” by U.S.-based Immunovant, HanAll Biopharma’s license-out partner.
Back in April, HanAll shares had plunged after Immunovant announced that batoclimab, licensed-in from HanAll, failed to meet its primary endpoint. At the time, Immunovant said it would instead focus R&D efforts on IMVT-1402, the next-generation version of batoclimab.
According to the latest announcement, IMVT-1402 demonstrated meaningful response rates at Week 16 in an open-label trial involving 170 patients with difficult to treat rheumatoid arthritis (D2T RA). Specifically, the drug achieved ACR20 of 72.7%, ACR50 of 54.5%, and ACR70 of 35.8%. Additional updates are expected in the second half of this year.
ACR20 refers to a 20% improvement according to the American College of Rheumatology criteria and is a standard indicator used to assess clinical efficacy in rheumatoid arthritis treatments. ACR50 and ACR70 indicate improvements of at least 50% and 70%, respectively.
Patients classified as D2T RA are those who failed to respond to at least two prior therapies, including JAK inhibitors or anti-TNF inhibitors.
In this data release, IMVT-1402 was administered as a 600mg subcutaneous injection. Future studies will evaluate 600mg, 300mg, and placebo arms in a 1:1:1 randomized blinded design.
Immunovant is also actively expanding IMVT-1402’s indications. The company completed patient enrollment for a proof of concept study in cutaneous lupus erythematosus (CLE) and expects topline data in the second half of this year.
The company also plans clinical development in Graves’ disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), and Sjögren’s disease (SjD), stating that current cash reserves provide sufficient runway through a potential Graves’ disease launch. Immunovant expects topline data for Graves’ disease and MG in 2027.
Xcell Therapeutics chart(Cred=KG Zeroin, MP Doctor)
◇Xcell Therapeutics Gains on China Revenue Expectations
According to KG Zeroin MP Doctor Xcell Therapeutics closed up 29.94% (won 368) at won 1,597. The move appeared linked to a PharmEdaily premium article that became publicly accessible through portal sites.
According to the report titled “XcellThera Supplies Cell Culture Media to Shanghai Cell Therapy Group Targets won 22 Trillion Market” the company has begun officially supplying its high performance T-cell culture medium CellCor™ T to Shanghai Cell Therapy Group one of China’s top CGT players.
Analysts also expect XcellThera to become a major direct beneficiary of upcoming regulatory changes as China plans to implement stricter national standards (GB/T 47528~2026) for CGT auxiliary materials starting in November. XcellThera possesses proprietary chemically defined media technology.
The company’s first-quarter revenue tripled year over year to won 1 billion. Operating loss widened slightly to won 2.9 billion from won 2.5 billion a year earlier while net loss also deepened to won 2.9 billion from won 2.5 billion.
Meanwhile XcellThera’s market capitalization remains at just won 27.6 billion drawing additional market attention. Under revised KOSDAQ listing regulations taking effect July 9 companies whose market capitalization stays below won 30 billion for 30 consecutive days may be designated as watch-list issues.
ROKIT Healthcare chart(Cred=KG Zeroin, MP Doctor)
◇ROKIT Healthcare Falls Amid Renewed Focus on ‘Nasdaq Horror Stories’
According to KG Zeroin MP Doctor ROKIT Healthcare fell 13.74% (won 8,300) to close at won 52,100. The decline appeared to be tied to a PharmEdaily premium article which highlighted the track record of Korean companies’ U.S. listed subsidiaries eventually being delisted from Nasdaq.
The article, titled “ROKIT America Faces Valuation, Uncertainty Concerns in U.S. Repeat of K-Bio Nasdaq Delisting History?” noted that Peak Bio, a subsidiary of PH Pharma listed on Nasdaq in November 2022, was delisted in March 2023 and now trades on OTC Pink.
Similarly, NKGen Biotech, a subsidiary of NKMAX, listed on Nasdaq in October 2023 but was delisted in March 2025 and now trades on the OTC Expert Market. ABPRO Holdings affiliated with ABPRO Bio was also delisted in February 2026 after listing on Nasdaq in December 2024, and currently trades on OTC Pink.
The U.S. OTC market is divided into OTCQX, OTCQB, and OTC Pink. OTC Pink is considered the lowest tier with minimal disclosure obligations and extremely low liquidity, making institutional participation rare.
ROKIT Healthcare has previously promoted plans for its wholly owned U.S. subsidiary ROKIT America to list on Nasdaq, suggesting the IPO could also boost the parent company’s valuation.
However, concerns have emerged over liquidity and valuation sustainability after listing, as ROKIT America’s planned Nasdaq IPO is a relatively small deal worth about $25 million and current revenue is heavily dependent on the dietary supplement business rather than regenerative medicine platforms.
On Aug. 12 (local time) U.S. IPO analyst Donovan Jones published a report titled “ROKIT America Targets $25 Million U.S. IPO At High Valuation.” describing the IPO as “overvalued” and assigning it an “Avoid” rating.
