Innovent Biologics' stock plummeted 5% during intraday trading, reflecting significant downward pressure on the biotechnology company.

The broader biotechnology sector experienced systematic selling pressure, with multiple major players in the sector also declining, which collectively dragged down sector sentiment and contributed to Innovent's drop.

Additionally, market controversy intensified over the company's recent disclosure of purchasing and subscribing to investment notes totaling $690 million. Investors criticized this capital allocation decision, arguing that substantial funds should have been directed toward share buybacks for market capitalization management rather than financial products. This dispute, combined with lingering negative sentiment from the CEO's mid-May share reduction, continued to suppress buying interest in the stock.