Biocon shares: Two factors why the pharma stock rose 4% today 

Shares of Biocon closed 4% higher on Friday after the pharma major said its subsidiary Biocon Biologics said the U.S. Food and Drug Administration has approved Jobevne (bevacizumab-nwgd), a biosimilar Bevacizumab for intravenous use.

The pharma firm in a separate update said Biocon Pharma Limited, its wholly owned subsidiary, has received approval for its ANDA for Everolimus Tablets from the US FDA, in strengths of 0.25 mg, 0.5 mg, 0.75 mg, and 1 mg. Everolimus is a prescription medication that is indicated for the prophylaxis of organ rejection in adult patients, and in kidney and liver transplantation

Biocon stock ended 4% higher at Rs 317.60 on Friday against the previous close of Rs 305.20 on BSE. The stock touched an intraday low of Rs 313.75.

Biocon shares stand lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 14% in a year and fallen 14% since the beginning of this year.

Total 2.08 lakh shares of the firm changed hands amounting to a turnover of Rs 6.56 crore. Market cap of the firm rose to Rs 38,131 crore on BSE.

The share hit its 52-week high of Rs 404.60 on January 21, 2025 and a 52 week low of Rs 260 on April 19, 2024

JOBEVNE, a recombinant humanized monoclonal antibody used to treat several different types of cancer, is a biosimilar to the reference product Avastin (bevacizumab). JOBEVNE is a vascular endothelial growth factor (VEGF) inhibitor that binds with VEGF and blocks the interaction with its receptors to prevent angiogenesis – combating cancer by restricting blood supply to the tumor.

Shreehas Tambe, CEO & Managing Director, Biocon Biologics said: "The U.S. FDA approval of JOBEVN (bevacizumab-nwgd) is a significant milestone—our seventh biosimilar approved in the U.S. and a strong addition to our robust oncology portfolio. It underscores the depth of our scientific expertise and commitment to expanding access to high-quality, affordable biologics. We look forward to working with all stakeholders to bring more treatment options to patients." In the US, sales of bevacizumab were approximately $2.0 billion in 2023."