Growth was quick, but short-lived, now stocks are even less than before.
Shares of Fujifilm Holdings earlier this week rose 8.8% after Japanese Health Minister Katsunobu Kato announced plans for the government to recommend Avigan’s drug for the treatment of coronavirus COVID-19.
The increase was noted amid a 4.2% drop in Japan’s Topix Japan Index – the highest drop since December 2018 – due to growing concern about the outbreak of coronavirus.
The Avigan influenza medication was previously used to treat Ebola. According to Kato, testing has shown a positive effect in mild and asymptomatic cases of coronavirus.
By the end of the week, the value of the company’s shares fell and was even lower than it was before the announcement of the effectiveness of the drug.