The share price of Lupin rose 2.2 percent on Tuesday, March 14, following the completion of a United States Food and Drug Administration (USFDA) inspection of the company’s Bioresearch Centre in Pune with no observations. The news was welcomed by investors as it brings good tidings for the pharmaceutical giant.
“Lupin Bioresearch Centre conducts BA/BE, PK/PD, In-vitro BE and biosimilar studies and inspection closed without any observation," the official filing stated.
During Tuesday’s trade, the stock opened at a price of Rs. 657.20 per share against the previous close of Rs. 654.30 per share and grew further during the early trading session to touch an intraday high of Rs. 668.90. It was trading at ₹658.30, up by 0.61 percent, at 10:55 a.m. on the NSE.
The stock touched a 52-week high of Rs. 797.50 on April 20, 2022 and a 52-week low of Rs. 583 on May 25, 2022, indicating that at the current level, the stock is trading 13 percent above its 52-week low and 17 percent below its 52-week high.
The stock has declined over 1 percent in the last one month. In the past one year, it has given a negative return of nearly 12 percent. In the last five years, the stock has lost 14 percent.
"We are pleased to announce that the Lupin Bioresearch Centre has successfully undergone its seventh consecutive onsite inspection, reaffirming our commitment to patient safety and our superior quality and compliance standards," said Nilesh Gupta, MD of the company.
Earlier, the Indian pharmaceutical company received approval from the USFDA for its active pharmaceutical ingredients (APIs) manufacturing facility at Visakhapatnam (Vizag). The approval follows the successful completion of certain inspections at Lupin’s Visakhapatnam facility.
According to the company, the USFDA had completed a pre-approval and GMP (good manufacturing practices) inspection of its API manufacturing facility at Visakhapatnam (Vizag), without making any observations.
Prior to this, on February 17, the pharma company had received Establishment Inspection Report (EIR) from the USFDA for the injectable unit in Nagpur with 5 observations.
In an earlier update on February 21, the pharma major launched Lurasidone Hydrochloride Tablets which is used to treat certain mental/mood disorders in the United States.
Lupin Ltd., established in 1983, is a large-cap business with a market capitalisation of ₹29,845.13 crore. The company develops and commercializes a range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients in over 100 markets in the United States, India, South Africa, and across the Asia Pacific, Latin America, and others.
According to a MintGenie poll, 39 analysts on an have a ‘HOLD’ call on the stock.