Gland Pharma shares rise 6% after USFDA closes inspection of Hyderabad facility

Shares of Gland Pharma Ltd rose over 6% today after the pharma company received an Establishment Inspection Report (EIR) from the USFDA indicating closure of the inspection for Pashamylaram facility, Hyderabad. Gland Pharma shares hit an intraday high of Rs 1817.5, rising 6.37% against the previous close of Rs 1708.30 on BSE. Gland Pharma stock opened higher at Rs 1724.85. On November 29, 2022, the stock touched its 52 week high of Rs 1914 on BSE. The stock hit its 52-week low of Rs 861.50 on May 22, 2023.  

Total 1.01 lakh shares of the firm changed hands amounting to a turnover of Rs 17.78 crore in the trading session. Market cap of the firm rose to Rs 28,764 crore on BSE.   

In terms of technicals, the relative strength index (RSI) of Gland Pharma stands at 65.2, signaling it's trading neither in the overbought nor in the oversold zone. Gland Pharma stock has a one-year beta of 0.1, indicating very low volatility during the period. Gland Pharma shares stand higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day  and 200 day moving averages.  

“The Pre-Market Inspection covering US FDA’s Quality System/Current Good Manufacturing Practice regulations for Medical Devices (21 CFR Part 820) by US FDA at the Company’s Pashamylaram Facility at Hyderabad between 23rd August, 2023 and 26th August, 2023; the Company has received Establishment Inspection Report (EIR) from the US FDA indicating closure of the inspection,” said the pharma firm.  

Gland Pharma Limited is a generic injectable-focused company. The company specialises in complex injectables and is engaged in the sterile injectables, oncology, and ophthalmology segments. The company provides contract development, own development, dossier preparation and filing, technology transfer and manufacturing across a variety of delivery systems.   

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