Biocon was up 1.66% to Rs 281.15, extending its winning streak to fifth consecutive session.The stock has risen 10.6% in five trading sessions from its closing low of Rs 254.20 on 21 November 2019. The stock advanced 22.83% in last three months as compared to a 6.57% rise in Nifty Pharma index in the same period.
The pharmaceutical company jumped 4.63% yesterday after the US drug regulator approved the company's supplemental biologics license application for Pegfilgrastim new manufacturing facility.
Earlier this month, the stock received an Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (USFDA) for its Biologics drug product facility in Bengaluru. The USFDA in October had also approved Biocon's new Drug Product (DP) filling line for biosimilar Trastuzumab 150 mg vials at the Biologics facility in Bengaluru, following a pre-approval Inspection (PAI) of the facility in September 2019.
On the technical front, the stock's RSI (relative strength index) stood at 69.892. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock trades above its 50-day and 200-day moving average (DMA) placed at Rs 246.76 and Rs 266.02 respectively.
Biocon is a bio pharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It is a leading global player for APIs including statins, immunosuppressants and specialty molecules.
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