Price Volume Breakout: Medicamen Biotech zooms by more than 16 per cent; do you own it?

The shares of Medicamen Biotech are seen gaining by more than 16 per cent on Friday when BSE Sensex is down by more than 700 points. At one point of the trading session the shares of Medicamen Biotech were locked in the upper circuit after gaining by ~20 per cent on an intraday basis.

The optimism is the shares of Medicamen Biotech is owing to the 'Oncology products' to be launched in the domestic markets by January 1, 2022. Medicamen Biotech is expected to be one of the cheapest producers of Oncology Products in the world. Medicamen Biotech boosts of fully integrated plant with RM API coming from Shivalik Rasayan Ltd (SRL) their parent company.

Medicamen Biotech has been able to post impressive earnings growth because of reinvesting heavily into its business. With strong R&D capabilities, oncology product launch in the beginning of the next year, price volume breakout and steady earnings growth prospects Medicamen Biotech can be expected to remain on momentum investors radar.

The shares of Medicamen Biotech gained by more than 16 per cent on Friday with a spurt in volume of over 13.67 times. The shares of Medicamen Biotech gained when BSE Sensex underperformed, sliding by ~764 points.

The BSE healthcare index was down by 0.79 per cent on Friday. Medicamen Biotech was the top BSE Healthcare index gainer followed by Unichem Lab, Sequent Scientific and Nectar Life.

Medicamen Biotech Ltd develops and markets a wide range of branded and generic formulations in the pharmaceutical industry