Why have Biocon shares slipped in trade today? Read this to find out
Biocon share price: At the time of filing this report, the stock of the Bangalore-based company was trading at Rs 240.10 apiece on the BSE, down 2.1 per cent.
Biocon share price: Shares of Biocon, the biopharmaceutical company, fell over 4 per cent on BSE, snapping a two-day winning streak and recording the day’s low of Rs 234 apiece in Friday’s trading session. At the time of filing this report, the stock of the Bangalore-based company was trading at Rs 240.10 apiece on the BSE, down 2.1 per cent. The scrip was trading 8.8 per cent higher than its lower circuit of Rs 220.75 apiece. The stock closed at 240.30 apiece, down over 2 per cent.
Biocon stock declined after Coherus Biosciences, a global biosimilar company, announced its plans to launch a biosimilar of AbbVie Inc's Humira at a list price of $995 per carton, representing a discount of about 85 per cent to the price of the similar drug that Biocon plans to launch in July. Humira (adalimumab), as per reports, is a prescription injection used to treat rheumatoid arthritis and other conditions.
What do analysts suggest?
"Biocon shares have gained after the company announced its Q4 results recently. The scrip has a good base at Rs 240 if this base is maintained on a weekly basis. The immediate range for the stock is Rs 240 - Rs 260," said Sacchitanand Uttekar, Vice President, Research & Data Analysis at Tradebulls Securities (P) Ltd.
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The company released its quarterly results for January to March on May 23, which showed that Biocon registered a net profit of Rs 313 crore for the quarter ended March 2023 on the back of robust sales as against a net profit of Rs 239 crore for the corresponding period a year ago.
B&K Securities has maintained a ‘buy’ call on Biocon with a target of Rs 400 apiece. The brokerage sees many near-term triggers for Biocon that will add to earnings visibility, such as:
1) Market share gains in the base product portfolio in the US and more launches in the emerging markets
2) Integration of Viatris transactions that will lead to strong synergies
3) Adalimumab/Humira (US$ 19.2 bn) scale-up starting 2QFY24 onwards.
4) expected launch of pipeline assets such as Aspart and Bevacizumab in the US.
Biocon stock price history
So far in 2023, the scrip has lost over 8 per cent of its value, as against the benchmark index’s rise of over 1 per cent. In the last month, the scrip has risen 0.67 per cent as against the Nifty50’s rise of over 2 per cent.
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