AsianFin -- Shares of biopharmaceutical company TransThera (02617.HK) experienced dramatic swings in Hong Kong trading this week, underscoring investor uncertainty around the clinical-stage drug developer.

On Tuesday, the stock surged as much as 63% intraday, briefly lifting its market capitalization to nearly HK$270 billion (US$34.5 billion). That valuation temporarily placed the company just behind domestic biopharma leaders Jiangsu Hengrui Medicine and BeiGene. But the rally unraveled by the afternoon session, with shares plunging to close at HK$92.00, down 53.73% for the day, slashing its market value to HK$76.2 billion.

Trading remained volatile on Wednesday. The stock opened at HK$185 and quickly spiked to HK$232.20 by 10:06 a.m., a swing of 45.78% within minutes, reflecting continued speculative activity.

The company issued a voluntary announcement on Tuesday night, addressing the unusual movement in its share price and trading volume. The board said it had “no knowledge of any reasons” behind the volatility and confirmed that there was no undisclosed inside information that would require disclosure under Hong Kong listing rules.

Public filings describe TransThera as a clinical-stage biopharmaceutical firm focused on small-molecule therapies targeting oncology, inflammation, and cardiometabolic diseases. The company emphasizes addressing unmet clinical needs and is still in the regulatory trial phase, with no commercialized products to date.