Concord Biotech Stock Gains 7% After USFDA Approval For Immunosuppressant Drug
Shares of Concord Biotech rose more than 7 per cent in early trade on Wednesday after the company received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL.Mycophenolate Mofetil is an immunosuppressant used to prevent organ rejection in adult and paediatric patients aged three months and above who have undergone allogeneic kidney, heart or liver transplants. The treatment is administered in combination with other immunosuppressive therapies.
Brokerage Jefferies has maintained its “Hold” rating on the stock with a target price of Rs 1,020.
The brokerage said Concord Biotech’s fourth-quarter performance for FY26 fell short of expectations due to delays in order execution and regulatory approvals. However, it expects revenue growth in FY27 to exceed the company’s historical average.
Jefferies also forecasts an improvement in EBITDA margins during FY27 and said the current order book provides good visibility for the first half of the financial year. It highlighted delays in tender awards as a key risk to growth.
In the previous trading session, Concord Biotech shares had surged 10.01 per cent to close at Rs 1,166.80, gaining Rs 106.20.
The stock hit a 52-week high of Rs 2,149.90 on 11 June 2025 and a 52-week low of Rs 987.05 on 2 April 2026. It is currently trading 45.73 per cent below its 52-week high and 18.21 per cent above its 52-week low. The company’s market capitalisation stands at Rs 12,206.62 crore.
Pages:
[1]