Biocon shares edge higher after USFDA issues 'no observations' on Bengaluru facility | Watch video

Biocon's share price NSE: Biocon shares on Monday edged higher on the back of the USFDA issuing 'no observations' on the company's oral solid dosage formulations manufacturing facility at Bengaluru. The biopharmaceutical company's shares finished up 0.31 per cent or Rs 0.75 at Rs 241 apiece on NSE.

"This is to inform you that the US FDA concluded a surveillance and pre-approval inspection of Biocon Pharma Limited's oral solid dosage formulations manufacturing facility at Bengaluru on June 2, 2023, with no observations," the Bengaluru-based company's regulatory filing said.

Biocon share price target: Should you buy, sell, or hold?

B&K Securities has maintained a ‘buy’ call on Biocon with a target of Rs 400.

Biocon's stock price history

The scrip has lost over 24 per cent of its value, as against the benchmark index’s rise of over 12 per cent in the last one year (June 5, 2022). In the last month, the scrip has risen 0.61 per cent as against the Nifty50’s rise of over 3 per cent. The company has a total market cap of Rs 29,042.51 crore, as shown on the BSE.