Piramal Pharma Shares Jump The Most Since Listing As U.S. FDA Closes U.S. Facility Inspection
Company received a report on the closure of inspection for one of its facilities from the U.S. drug regulator.
Shares of Piramal Pharma Ltd. surged the most since its listing in October 2022 after it received a report that the U.S. drug regulator had concluded its inspection of one of its facilities.
The U.S. Food and Drug Administration issued an establishment inspection report for the company’s manufacturing unit in Sellersville, U.S., and closed the inspection of the same facility.
Shares of Piramal Pharma surged 8.91% to Rs 78.25 apiece as of 11:00 a.m., compared to a 0.10% decline in the benchmark NSE Nifty 50. The stock advanced as much as 10.30% intraday, the most in 42 months or since its listing on Oct. 19, 2022.
The total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 61.
Out of the five analysts tracking the company, 22 maintain a 'buy' rating, four recommend a 'hold' and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 42%.
Source: Bloomberg, Exchange filing
