Stock Mover Of The Day, 03 Dec 19: Biocon Limited

Suparna Maity
Research Analyst
Advisorymandi.com
03-Dec-2019 12:04

Shares of a pharmaceutical company Biocon surged more than 5% to Rs 299 per share today after the company launched Trastuzumab biosimilar Ogivri in the US market. Ogivri, a biosimilar to Herceptin, has been co-developed by Biocon Biologics and Mylan and will be available in 150 mg and 420 mg strengths.
Reasons To Move Up::
- Launch of new Antitoxin: According to the filing with the exchange, additional approval of its Ogivri is used to treat breast cancer and gastric cancer and Biocon has regulatory approval to sell it in more than 80 countries worldwide. It is the second biosimilar from the partnered portfolio of Biocon and Mylan being commercialized in the US. However, Mylan and Biocon Biologics have sufficient manufacturing capacity to fulfill demand in the U.S. and global markets for both products.
- Mixed quarterly Financial Performance: The Company had posted net profit of Rs 215.7 crore for the quarter ended September 30, 2019 vs. net profit of Rs 354.7 crore for the corresponding period of the previous fiscal. Consolidated total income of the company stood at Rs 1,610.6 crore for the quarter under consideration as against Rs 1,375.4 crore for the same period year ago.
Intraday View: Technical
- Technically, on the daily chart, the stock has formed a “Bearish-Belt hold” pattern candlestick, which hinting for a short term reversal pattern. Market players have booked profit at its higher levels. If the stock breaks 280 levels, we can see further downside to 254 levels. However, the indicator RSI (14) is above 72 levels.
- The stock made a high of Rs 299 and a low of Rs 288.15 so far. The stock hit a 52-week high of Rs 341.23 on 25 Jan 2019 in NSE and hit a 52-week low of Rs 211.05 on 20 Aug 2019.
Symbol |
LTP |
Change (%) |
Open |
High |
Low |
Prev.close |
BIOCON |
289.75 |
1.38 |
299.00 |
299.00 |
288.15 |
285.80 |
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