9 hours ago
- Business
- Business Standard
Concord Biotech edges higher on value buying; trades above 100-day SMA
Concord Biotech advanced 1.56% to Rs 1808.55 as value buying emerged at lower level.
The scrip had declined 15.63% in seven sessions to end at Rs 1,780.75 yesterday, from its recent closing high of Rs 2,110.55 recorded on 13 June 2025.
On a year-to-date (YTD) basis, the stock has fallen by 15.13% while the S&P BSE Sensex and the S&P BSE 500 index have gained 5.10% and 3.15%, respectively.
On the technical front, the stocks RSI (14) was currently at 47.428. An RSI reading of 70 or above indicates an overbought condition. A reading of 30 or below indicates an oversold condition.
On the daily chart, the scrip is trading below its 10-day and 20-day simple moving averages (SMAs) placed at 1959.50 and 1928.23, respectively. It is, however, trading above 100-day SMA positioned at 1750.69.
In a regulatory filing made yesterday, Concord Biotech said that it has received an establishment inspection report (EIR) from the US Food and Drug Administration (US FDA) for the inspection carried out by them at its API facility at Dholka from 28 April 2025 till 2 May 2025.
It further said that the USFDA has officially concluded its inspection, which is now closed under 21 CFR 20.64(d)(3).
"This closure indicates that no regulatory action is required, and the facility is permitted to continue its operations without any restrictions, Concord Biotech stated.
Concord Biotech is involved in manufacturing fermentation and semi-synthetic biopharmaceutical APIs with immunosuppressants as its key therapeutic segment.
