Shares of ALEBUND-B (HKEX: 09637) climbed more than 13% in the morning session. At the time of writing, the stock was up 10.75% to HK$28.24, with a turnover of HK$8.44 million.

According to industry reports, Alebund possesses one of the world's broadest pipelines of drug candidates targeting kidney diseases. As of the latest practicable date, its clinical and preclinical portfolio consists of a core product, AP301, along with six other candidates. These include one late-stage clinical candidate (AP306), one early-stage clinical candidate (AP303), and four preclinical candidates (AP308, AP304, AP305, and AP307).

It is reported that the core product, AP301, is in the final sprint towards a New Drug Application (NDA) submission. Commercialization is anticipated within a window of 12 to 24 months.

Notably, the stock experienced a sharp decline in the previous trading session on July 2nd. However, analysis shows that after excluding the opening auction, the volume of continuous bidding sell orders that pushed the price below HK$26 amounted to less than 240,000 shares. This represented under 3% of the day's total trading volume of 8.27 million shares.

After the share price touched a low of HK$22.70, significant trading activity occurred in the HK$28 to HK$29 range, indicating robust exchange of holdings and the potential formation of a solid consensus support level.

Looking ahead, the HK$30 level is viewed as a near-term resistance point. A decisive breakout above this level with strong volume could confirm the establishment of a recovery trend.