Panacea Biotech rises 27% in three days

Panacea Biotech added 3.06% to Rs 234, rising for the third trading session.

Shares of Panacea Biotech have soared 27.1% in three days from their previous closing low of Rs 184.05 on 5 April 2021. The stock is 13% away from its 52-week high of Rs 265 posted on 3 December 2020. It is up nearly 104% from its 52-week low of Rs 114.72 hit on 22 April 2020.

Earlier this week, Panacea Biotech announced cooperation with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of Sputnik-V vaccine. Production of Sputnik-V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of RDIF. Sputnik-V, the world's first registered vaccine against the novel coronavirus infection, has been registered in 59 countries globally with total population of over 1.5 billion people. Efficacy of Sputnik-V is 91.6% as confirmed by the data published in the Lancet, one of the world's oldest and most respected medical journals.

On the technical front, the stock's RSI (relative strength index) stood at 71.326. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 198.43 and 209.11 respectively. These levels will act as crucial support zones in near term.

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialization of prescription medicines. The company reported a consolidated net loss of Rs 40.05 crore in Q3 FY21 as compared to a net loss of Rs 21.32 crore in Q3 FY20. Net sales during the quarter declined 15.49% YoY to Rs 141.76 crore.

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