Medicamen Biotech Share Price Analysis: EU GMP Certification Propels Stock Growth

Medicamen Biotech Share Price Surges Following EU GMP Certification

Medicamen Biotech share price has soared, with shares climbing as much as 14.29% to Rs 507 during intra-day trading on the BSE. This upward movement was triggered by the announcement that the company’s General Tablets and Liquid Orals Formulation facility located in Bhiwadi received the EU GMP certification from the Inspection Department in Greece.

Impact of EU GMP Certification

The certification signifies a critical achievement for Medicamen Biotech, enhancing its operational credibility and expanding its market presence. According to a regulatory filing made by the company, they received final approval today, solidifying their commitment to maintaining high-quality standards in pharmaceutical production.

Company Background and Market Performance

Founded in December 1993, the Medicamen Group has established vertically integrated facilities for R&D, APIs, and formulations. Currently, the company is focused on developing oncology therapeutics and other generics, aligning with its vision to lead in the oncology generics market.

Recent Stock Performance

Medicamen Biotech's market capitalization stands at Rs 617.74 crore as of September 12, 2024. The company, part of the BSE smallcap index, has seen its stock rise by 16.15% over the last week and 20% over the past month.

Stock to Watch: Medicamen Biotech

Despite a drop of 28.39% over the past year, Medicamen Biotech shares are trading at Rs 485.85 today, up 9.52% from Rs 443.60, with nearly 0.37 lakh equity shares exchanged on the BSE. Currently, these shares are at a 36% discount compared to their 52-week high of Rs 765, which was reported on September 28, 2023.