/ Ways2Capital : Biocon Touches Fresh 52-Week High, Post Nod By US FDA To BLA ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 17 February 2017

Biocon Limited touched a high of Rs 1123 per share, up by Rs 28.35 per share or 2.59% on an intraday basis in Friday’s trading session, and this comes in succession to US Food and Drug Administration (FDA) accepting Mylan’s Biologics License Application (BLA) for MYL-1401H, a proposed biosimilar to Neulasta (pegfilgrastim), for filing through the 351(k) pathway.

The stock touched fresh 52-week high of Rs 1123 per share, up by Rs 27.7 per share or 2.52%. Talking a little about the background, Biocon Limited and Mylan are exclusive partners on a broad portfolio of biosimilars and generic insulin analogs. The proposed biosimilar pegfilgrastim is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace.

Whereas the BSE Healthcare index is trading higher by 1.45%. Nifty is firmly trading above the crucial level of 8850 at 8854.10 level, up by 76.10 points or 0.87%. Sensex is trading at 28583.75 levels, up by 282.48 points or 1%.

Biocon Ltd is currently trading at Rs 1108.8, up by Rs 14.15 or 1.29% from its previous closing of Rs 1094.65 on the BSE. The scrip opened at Rs 1106.25 and has touched a high and low of Rs 1123 and Rs 1100 respectively. So far 629611(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 21893 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1115 on 07-Feb-2017 and a 52 week low of Rs 447 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs 1098.85 and Rs 1052 respectively.The promoters holding in the company stood at 60.68 % while Institutions and Non-Institutions held 21.43 % and 16.1 % respectively. The stock is currently trading above its 50 DMA.

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