Multibagger stock update: Laurus Lab zooms by 4 per cent, trades above Rs 500 for the first time since November 9!

It is said that when market falls, or a stock falls the intensity of the price movement is almost always higher than when market rises, or a stock price gains.

Same thing can be observed in Laurus Lab share price. Laurus Lab shares tanked by almost 36 per cent in four months alone.

The shares of Laurus Lab are seen trading comfortably above Rs 500 per share from the first time since November 9. This augurs well for the bulls as the psychological level of Rs 500 can be considered important for Laurus Lab.

The shares of Laurus Lab witnessed a correction of almost 36 per cent from its 52-week highs, thus pushing the multibagger stock into a bear territory.

The stock now is trading higher by almost 13 per cent from its recent lows of Rs 450 per share it made on November 12.

The sharp bounce back in Laurus Lab may attract further buying interest and hence can gain further price momentum in coming trading sessions.

Recently the company announced to buy 26 per cent in a CAR-T cell therapy company. The latest quarterly results disappointed the street and hence the stock saw selling pressure. However, the management is confident about the growth levers being in place and is confident to be on track to achieve its revenue goal of $1bn.  

Laurus Lab is a multibagger pharma company that has gained by 75 per cent in the past one year, despite of the 28 per cent fall from its 52-week highs.

The stock of Laurus Lab is up by more than 5 per cent on Wednesday trading session, outperforming the markets.