Panacea Biotec zooms over 60% in two weeks

The stock has rallied 61% to Rs 142 from Rs 88 on September 5, on BSE.

Shares of Panacea Biotech have rallied over 15% to Rs 142 in morning deals on back of heavy volumes on BSE.  A combined around 205,000 shares change hands on the counter till 1000 hours against an average sub 150,000 shares that were traded daily in past two weeks on BSE and NSE.

The stock of biotechnology firm has outperformed the market by surging 61% from Rs 88 on September 5, as compared to 4.4% rise in benchmark S&P BSE Sensex on hopes of re-listing of pentavalent vaccine in the list of World Health Organisation's (WHO) pre-qualified vaccines.

While announcing June quarter results on August 8, the company said it is confident that with the post audit activities, it will be able to get re-listing of combination vaccines in the list of WHO pre-qualified vaccines.

The company had completed implementation of corrective and preventive action subsequent to the visit by WHO auditors and also submitted additional data pertaining to product’s stability studies to WHO.

The company had incurred net loss of Rs 61 crore in April-June quarter mainly because of delisting of its vaccine products from the list of pre-qualified vaccines.