(Bloomberg) -- Fujifilm Holdings Corp. rose as much as 8.8% following Japanese Health Minister Katsunobu Kato’s comments over the weekend on the country’s plans to recommend its Avigan drug to treat coronavirus.

That compared to Japan’s benchmark Topix index, which slumped as much as 4.2%, the most since December 2018, on escalating concern over the global coronavirus outbreak. Japan markets were closed on Monday for a public holiday.

Anti-influenza drug Avigan has previously been used to treat Ebola, according to Fujifilm’s website, and Kato said test dosages have shown effects in mild and asymptomatic coronavirus cases.

Separately, Jefferies analyst Masahiro Nakanomyo raised the recommendation on Fujifilm to buy from hold in light of its “relatively attractive” position among leading precision stocks.

To contact the reporter on this story: Gareth Allan in Tokyo at gallan11@bloomberg.net

To contact the editors responsible for this story: Yusuke Miyazawa at ymiyazawa3@bloomberg.net, Philip Lagerkranser

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