HK Stock Market Move | ASCLETIS-B (01672) rose more than 6% in the afternoon ASC30 data impressive The company raised the upper limit of the repurchase funds to 5 billion Hong Kong dollars.

ASCLETIS-B (01672) rose more than 6% in the afternoon, with a 6.14% increase as of the time of writing, reaching HK$13.66 with a trading volume of HK$35.85 million. On the news front, Gilead Sciences previously announced positive data from its Phase IIa study of ASC30, an oral GLP-1 drug for the treatment of obesity in the United States. Citigroup released a research report stating that these data further demonstrate the potential of ASC30 as best in class and increase confidence in future collaborations. The stock price is expected to react positively; it reiterates a "buy/high risk" rating with a target price of HK$32. It is worth noting that Gilead Sciences previously announced that its board of directors believes the company's current stock price is undervalued and decided on December 15 to increase the share buyback fund from up to HK$3 billion to up to HK$5 billion. This decision was based on significant progress in several core pipelines.