Know why Laurus Labs should be on watchlist on Monday!

The stock of Laurus Labs was seen outperforming the benchmark indices during the week as it gained

The stock of Laurus Labs was seen outperforming the benchmark indices during the week as it gained as much as 6.54 per cent while Nifty50 slipped 1.9 per cent.  

Interestingly, the stock formed an inside bar on the weekly chart with open=low; hence, the high and low remains a crucial level for the stock in the near term. Meanwhile, the stock is seen trading below its 50-week EMA and also, below the 61.8 per cent retracement level.   

However, the stock is expected to gain limelight on Monday as the company announced that it has signed an investment agreement with Immunoadoptive Cell Therapy Private Limited (lmmunoACT).   

Immunoadoptive Cell Therapy Private Limited is an advanced cell & gene therapy company and Laurus Labs is set to acquire a 26.62 per cent stake (fully diluted basis) for a cash consideration of approximately Rs 46.00 crore, subject to the fulfilment of certain conditions. Additionally, senior management of Laurus Labs would also invest in ImmunoACT for a 5.64 per cent stake for approximately Rs 9.75 crore at the same price and terms.   

This investment in ImmunoACT is a part of the larger strategy to strengthen the biologics business of the company and this provides access as well as entry into an emerging field of research.