Medincell's Stock Drops 3.68% and Falls Below its Resistance at €28.72
The biotech company from Montpellier faces a tough session at midday, moving against the trend of a well-oriented Parisian market. The stock is among the most penalized in the SBF 120, after having technically broken through at the end of last week.
Medincell Stock Declines Amid Market Gains
Medincell's stock falls by 3.68% to €27.24 during the session, while the SBF 120 index is up by 0.60%. The stock is among the steepest declines in the SBF 120, trailing behind Abivax, Eutelsat Communications, and SES. Despite having breached its €28.72 resistance last Friday, a level closely watched for several weeks, today's session has pushed the price back below this threshold, turning it into a technical ceiling to be reclaimed. Despite this setback, the stock still maintains a gain of 10.37% over the month and 63.21% over the year. The price remains above its three moving averages: MM20 at €27.06, MM50 at €24.67 (+10.42%), and MM200 at €25.30 (+7.67%). The RSI at 64 indicates a still positive momentum without reaching the overbought zone.
Two American Biotech Conferences in June and European Approval for Olanzapine LAI
The company's scientific agenda remains busy. The management will participate in two American biotech conferences in June, as announced on May 27, enhancing visibility among specialized investors. On the pipeline front, the European Medicines Agency accepted on May 22 the marketing authorization application for olanzapine LAI, a long-acting subcutaneous injection developed with Teva for schizophrenia. This acceptance initiates the European evaluation phase of the flagship candidate of the partnership. Regarding price targets, Oddo raised its target to €52 in mid-May, representing a theoretical potential of about 91% compared to the current price. The support level at €22.86 remains the next reference threshold in case of an extended downward movement, while reclaiming €28.72 would signal the opposite.
