Pharmaceutical company Gland Pharma on Wednesday announced that it has received establishment inspection report (EIR) from the US Food and Drug administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA, the generic injectables maker said in its regulatory filing on November 8.
The US federal agency had inspected the company's Vizag unit from July 20 to July 28 this year, Gland Pharma said.
"This is to inform you that following the ‘Good Manufacturing Practice (GMP) Inspection’ by US FDA at the company's VSEZ Sterile Oncology Facility at Visakhapatnam between 20th July, 2023 and 28 th July, 2023; the company has received Establishment Inspection Report (EIR) from the US FDA indicating closure of the inspection," the drugmaker said.
Shares of Gland Pharma were trading 1.10% lower at ₹1,634.95 apiece on the NSE today. The scrip has gained 18% in the last six months.
Multiple analysts have upgraded the counter or raised their respective target prices after Gland Pharma posted its September quarter results.
Although Gland Pharma's net profit declined 20% year-on-year to ₹194 crore, its revenue from operations soared 32% to ₹1,373 crore, led by higher sales from the acquisition of the French pharma group Cenexi.
Of the 20 analysts that track the drugmaker, 12 have a 'Buy' rating, three say 'Hold', while five have a 'Sell' rating.
Technically, the 14-day relative strength index (RSI) of the counter stands at 60, suggesting Gland Pharma shares are neither trading in the overbought zone nor in the oversold zone. The stock has a one-year beta of 0.1, indicating very low volatility during the period.
Shares of Gland Pharma are trading higher than 5 Day, 20 Day, 50 Day, 150 Day and 200 Day moving averages.
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