Medincell share gains 2.5%, third strongest rise in SBF 120
The Montpellier-based biopharmaceutical company is recovering ground in mid-afternoon, while its benchmark index declines. The stock rebounds on Tuesday, briefly interrupting the consolidation that followed the surge triggered by American approval of an olanzapine formulation.
A rebound that places the stock in third place in the index in a declining market
The Medincell share gains 2.51% to €26.96 in trading, while the SBF 120 falls 0.69%. It ranks third in the index's gains ranking, behind Genfit (+7.1%) and Nanobiotix (+5.94%). The movement extends a very favorable month (+23.9%), but barely erases part of the 6.39% decline recorded over the week, which began following the surge of October 9. For reference, the stock had surged that day following FDA approval for Weltruza, then fell on Monday October 12 and Tuesday October 13, despite two analyst target price increases.
Moving averages remain below price, €29.06 resistance in focus
The price is 7.75% above its 20-day moving average (€25.02) and 12.01% above its 50-day moving average (€24.07), a gap that shows the month's gains have not been erased by recent consolidation. The RSI at 55.84 remains neutral, with no overbought signals. The next resistance is at €29.06, approximately 7.8% above the current price, while the nearest support is at €21.40. Regarding financing, Medincell announced on October 13 a new non-dilutive loan of €13.8 million, bringing amounts secured since July to €41.8 million.
