Biocon advances over 8 per cent, seeks USFDA approval for breast cancer drug

Mumbai: The stock of Biocon Ltd. surged over 8% in the early morning trade on Wednesday, on the BSE ahead of the USFDA meet to discuss its breast cancer drug filing.

The US drug regulator’s Advisory Committee (Adcom) will be meeting on July 13 to discuss trastuzumab filing done by Mylan, Biocon’s partner.

The Indian biopharma giant, had plunged over 9% during Monday’s trade on the BSE as the French inspecting authority (ANSM) found lapses at Biocon's Bengaluru plant.

Biocon Ltd. was trading at Rs 342.45, up by Rs 19.35 or 5.99% as at 1034 hours on Wednesday, on the BSE. The stock had hit an intraday high of Rs 351.10.

Biocon Ltd is currently trading at Rs 342.75, up by Rs 19.65 or 6.08% from its previous closing of Rs 323.1 on the BSE.

The scrip opened at Rs 350.05 and has touched a high and low of Rs 351.1 and Rs 340.5 respectively. So far 5424319(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 19386 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 396 on 25-Apr-2017 and a 52 week low of Rs 229.66 on 19-Jul-2016. Last one week high and low of the scrip stood at Rs 343.95 and Rs 305 respectively.

The promoters holding in the company stood at 60.68 % while Institutions and Non-Institutions held 21.43 % and 16.12 % respectively.

The stock is currently trading above its 200 DMA.