Biocon shares were trading 2% higher on Tuesday morning after the company said it has expanded its generic formulations portfolio with the launch of Tacrolimus capsules in the US.
Biocon stock opened higher at Rs 475 today and gained 2.1% to hit the day's high of Rs 475.75 during the session. Although, later the stock erased gains and hit an intraday low of Rs 459.10, against the last close of Rs 465.80.
The launch of Tacrolimus capsules, following approval from the FDA in November 2020, underscores Biocon's relentless pursuit of its mission to make affordable healthcare accessible, the filing added.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "The launch of Tacrolimus capsules in the US is another milestone for Biocon that reflects our commitment to continually evaluate and expand our portfolio of complex products to serve patients."
Biocon stock is trading higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages.
Biocon stock has gained 7% in a month and 57% in one year. However, the stock has declined 0.39% in the last week.
Market capitalisation of Biocon stood at Rs 55,146 crore as of today's session. Biocon stock has touched a 52 week high of Rs 487.70 and a 52-week low of Rs 235.80.
As per the regulatory statement, Tacrolimus, a calcineurin inhibitor, is an immunosuppressant used in the treatment of organ transplant patients, which reduces the body's ability to reject a transplanted organ. It has been particularly effective in treating patients of renal transplant for more than two decades.