CanSino Biologics Shares Rose 380% As COVID-19 Vaccine Promise Emerges

CanSino Biologics Inc. CASBF, a Chinese vaccine maker, has emerged as the rising star of the Hong Kong market, after its COVID-19 clinical trial application was approved by Health Canada, the country's federal health policy department.

CanSino Biologics’ shares rose 380% in 2020, making it the darling of Hong Kong investors. The shares have outperformed all others with a market capitalization in excess of $2 billion in recent days, reported Fortune.

What Happened

The gains seen in CanSino have led to a word of caution from an expert. Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong, told Fortune, “No one knows how much CanSino is worth.” 

Pang warned, “People are making bets on the success of its vaccine, but the trial is just in stage two and there is possibility for it to fail.”

Why It Matters

Health care stocks are performing well in Hong Kong this year, with AK Medical Holdings Ltd. higher by 184% as of Thursday morning, and Alibaba Health Information Technology Ltd. ALBHF gaining 130%.

In the United States, it’s a similar story as Moderna Inc. MRNA gained as much as 20% on Monday and shot up 275.66% on a year-to-date basis.

Moderna’s shares fell by 6% on Tuesday after it was revealed that its vaccine trial was missing critical data.

Price Action 

CanSino Biologics OTC shares closed 0.74% lower at $32.25 on Wednesday. On Thursday, the company’s shares traded lower by 14.47% at $27.15 in Hong Kong at press time.

Posted In: CanadaCovid-19Hong KongvaccineNewsPenny StocksHealth CareGlobalGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.