Gland Pharma surges after FDA completes inspection at drug makers sterile oncology facility
Gland Pharma is scheduled to report its financial results for the April-June period on August 7.
Pharmaceutical company Gland Pharma's shares jumped on Monday after the US Foods and Drug Administration (FDA) completed a good manufacturing practices inspection at the company's sterile oncology facility in Visakhapatnam without any objections. The Gland Pharma stock gained as much as eight per cent to Rs 1,393.5 apiece on BSE.
The US drug regulator conducted the inspection at the facility between July 20 and July 28, according to a company statement.
At 10:40 am, Gland Pharma shares were off their intraday high, left with a gain of 2.8 per cent at Rs 1,330.5 apiece on the bourse. The stock was on track to close higher for the third session in a row, having risen more than eight per cent in the past two days.
Zee Business analyst Kushal Gupta recommends buying Gland Pharma shares for a target of Rs 1,340 with a stop loss at Rs 1,285.
"After making the bottom near 850-900 levels GLAND has given a substantial 500-point rally approx.…which comes to around 58% approx. Currently, it is trading below its 200 DEMA which is 1460 which is its resistance. Additionally, on a daily scale, RSI has made negative hidden divergence which may drag the counter toward 1200 levels. No fresh longs are advised," said Jigar S Patel - Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.
"The counter is bottoming out, but it is still in a downtrend. It is facing resistance at the 200-DMA at around Rs 1394. The overall structure of the counter will become impressive if it crosses 200-DMA moving average and also closes above Rs. 1400 levels. It has a demand zone near 1200, where a cluster of moving averages formed a base. On the upside, 1400 is an immediate susceptible area; above this, we can expect a run-up towards 1480+ levels in the near term," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Gland Pharma is scheduled to report its financial results for the April-June period on August 7.
For the quarter ended March 31, 2023, the drug maker reported a year-on-year fall of around 72 per cent in net profit to Rs 78.68 crore.
Its revenue from operations declined 29 per cent to Rs 785 crore, according to a regulatory filing.
Gland Pharma shares: Past performance
In 2023 so far, Gland Pharma shares have lost more than 15 per cent of their value in contrast to a rise of more than eight per cent in the headline Nifty index.
stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.