Explained: Why Biocon share price jumped over 7% today
Shares of Biocon surged over 7% in early trade on January 7, following an upgrade from international brokerage Jefferies. The firm raised its rating on Biocon to 'underperform' and increased its target price by 43% to Rs 400, citing positive developments around the regulatory approval of the company’s manufacturing facility in Bengaluru. BIG FDA BOOST The key trigger for the rally was the US Food and Drug Administration’s approval of Biocon’s biologics unit in Bengaluru, which received a “Voluntary Action Indicated” status. BIOSIMILAR STELARA BOOST In addition to the Bengaluru unit approval, Jefferies highlighted Biocon’s recent milestone in securing US FDA approval for its biosimilar version of Janssen’s Stelara, a top-selling drug used to treat autoimmune disorders. While competition in the biosimilar space is intense, with five other FDA-approved versions expected to launch in FY25, Jefferies sees strong growth potential for Biocon’s biologics business.
Biocon share price jumps over 4% after US FDA clears Malaysian insulin facility
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