Biocon Ltd shares are under scrutiny today after the US Food and Drug Administration (US FDA) issued four observations about the Biocon Biologics plant. The inspection was carried out at Biocon Biologics Limited's Biocon Campus (Site 1) plant from February 20 to February 28, 2024.
The inspection concerns the supply of rh-Insulin (rhI) Drug Substance (DS) to a customer for veterinary usage.
"The trigger for this inspection was a Pre-Approval Supplement (PAS) filed by our customer late last year," the company stated in a regulatory statement.
Biocon stock closed 2.05% higher at Rs 276.50 on Thursday, compared to the previous closing of Rs 270.95 on the BSE. The stock rose to an intraday high of Rs 277.60 on the BSE.
The stock has gained 21% in a year and 8.70% since the start of the year.
Total 53.60 lakh shares of the company changed hands, resulting in a turnover of Rs 145.15 crore. The firm's market capitalization increased to Rs 33,196 crore on the BSE.
The share reached a 52-week high of Rs 307 on February 6, 2024, and a 52-week low of Rs 191.60 on March 21, 2023.
The pharmaceutical company stated that it will submit a detailed Corrective and Preventive Action (CAPA) Plan to the US FDA within the time frame specified, and that it is dedicated to responding to these observations as soon as possible. The results of this examination at Site 1 have no bearing on the company's commercial product manufacturing and distribution in the United States, according to the corporation.
In terms of technicals, the stock's relative strength index (RSI) is 51.6, indicating that it is not overbought or oversold. Biocon shares are trading above the 5 day, 50 day, 100 day, and 200 day moving averages but below the 10 day and 20 day moving averages.
