Seegene shares fell 16.13% in early trading on November 9 after the company reported third-quarter results below market expectations and investors focused on potential stock sales by specially related parties. The stock traded at 26,000 Korean won on KOSDAQ (South Korea’s secondary stock market) at 9:26 a.m., down 5,000 Korean won from the previous session. Seegene reported third-quarter consolidated revenue of 123.1 billion Korean won and operating profit of 11.6 billion Korean won after the November 6 market close. Although revenue and operating profit increased 8.4% and 21.2%, respectively, from a year earlier, operating profit was 42.4% below the FnGuide market forecast. Revenue fell 9.5% and operating profit dropped 46.3% from the previous quarter. The stronger won and one-time costs weighed on results, while net income attributable to controlling interests turned to an 18.8 billion Korean won loss because of foreign-exchange-related losses. Daol Investment & Securities researcher Park Jong-hyun said a specially related party’s disclosed plan for a block deal (large privately arranged share transaction) involving 1 million shares increased overhang concerns. Park said the won’s appreciation and margin pressure were likely to limit short-term upward momentum, although the dividend yield could cushion the decline. Daol cut its target price to 50,000 Korean won from 52,000 Korean won while retaining its Buy rating.