Panacea Biotec lost 2.01% to Rs 95 at 11:50 IST on BSE, with the stock turning extremely volatile after the company announced the launch of CABAPAN, a cost effective product for the treatment of metastatic castration resistant prostrate cancer.
The announcement was made during market hours today, 28 March 2016.Meanwhile, the S&P BSE Sensex was down 132.33 points or 0.52% at 25,205.23.
On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 3,261 shares in the past one quarter. The stock was highly volatile. The stock lost as much as 3.04% at the day's low of Rs 94 so far during the day. The stock rose as much as 3.76% at the day's high of Rs 100.60 so far during the day. The stock had hit a 52-week high of Rs 182.90 on 13 April 2015. The stock had hit a 52-week low of Rs 83.90 on 12 February 2016. The stock had underperformed the market over the past one month till 23 March 2016, declining 1.07% compared with the Sensex's 8.23% rise. The scrip had also underperformed the market in past one quarter, sliding 29.49% as against Sensex's 1.98% fall.
The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Rs 1.
CABAPAN has been developed by Panacea Biotec's state-of-the-art global research and development center (GRAND), Mumbai and manufactured at modern production facility complying with global current good manufacturing practices (cGMP), at Baddi, Himachal Pradesh, Panacea Biotec said. CABAPAN will be made available at one fifth of the current cost of treatment, it added.
Panacea Biotec reported net loss of Rs 17.38 crore in Q3 December 2015, higher than net loss of Rs 3.48 crore in Q3 December 2014. Net sales rose 8.9% to Rs 150.43 crore in Q3 December 2015 over Q3 December 2014.
Panacea Biotec is one of the India's leading research based pharm-biotech companies with established research, manufacturing and marketing capabilities. The product portfolio of the company includes innovative products in therapeutic areas of oncology, organ transplantation, nephrology, diabetes, osteoporosis, cardiovascular disease and pediatric immunization vaccines.
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