[전쟁 후 공매도]⑤ 영진약품, '10년 내리막' 투심 위축 '이중고'

This case underscores the heightened vulnerability of financially weak pharmaceutical firms to speculative short-selling during periods of geopolitical instability and sector-wide volatility. The heavy reliance on Convertible Bonds (CB) not only signals deep financial distress but also creates a significant overhang that caps potential stock recovery, serving as a cautionary tale for debt-laden bio investments.