Biocon extends loss on withdrawal of Trastuzumab application

Biocon stock slipped further into the negative territory on the back of re-inspection of the drug product facilities

Aug 16, 2017 11:08 IST India Infoline News Service

Biocon Limited
Biocon stock slipped further into the negative territory on the back of re-inspection of the drug product facilities for Trastuzumab and Pegfilgrastim by the EMA Committee for Medicinal Products for Human Use (CHMP).

The company further informed that the withdrawal of Trastuzumab application is not connected to the drug’s USFDA application.

Meanwhile, the stock tanked 6.74% at Rs 325.70 per share on BSE attracting a total traded quantity of 10.06 lakh shares.

The stock on yearly basis has gained 17.15% and has outperformed BSE Mid-cap index and BSE Healthcare index.

Biocon is a biopharmaceutical company. The company focuses to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through its products and research services, it is enabling access to affordable healthcare for patients and healthcare systems across the globe. 

Stock view:

Biocon Ltd is currently trading at Rs 324.35, down by Rs 24.9 or 7.13% from its previous closing of Rs 349.25 on the BSE.
 
The scrip opened at Rs 353.7 and has touched a high and low of Rs 353.7 and Rs 320.8 respectively. So far 8641569(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 20955 crore.
 
The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 424.15 on 19-Jul-2017 and a 52 week low of Rs 255.66 on 12-Aug-2016. Last one week high and low of the scrip stood at Rs 358.8 and Rs 322.75 respectively.
 
The promoters holding in the company stood at 60.67 % while Institutions and Non-Institutions held 18.8 % and 18.75 % respectively.
 
The stock is currently trading below its 50 DMA.

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