Panacea Biotech surges over 30% in two days on heavy volumes

A combined around 245,000 shares have changed hands in early morning deals against an average sub 50,000 shares in past two weeks on BSE and NSE.

Panacea Biotech is trading higher by 10% to Rs 119, extending its previous day’s 20% rally on BSE, on back of heavy volumes.

A combined 245,460 shares have already changed hands on the counter in early morning deals against an average sub 50,000 shares that were traded daily in past two weeks on BSE and NSE.

The small-cap biotechnology stock was under pressure in past four months, declined 46% to Rs 86 on June 11 from its recent high of Rs 158 touched in February 2013, on adverse media reports regarding pentavalent vaccine manufactured by the company across the country.

In May 2013, in clarification on reports related to pentavalent vaccine, the company said that it is complying with all the requisite parameters of quality, safety and efficacy as per the Indian Pharmacopoeia and the extant guidelines.