Medincell shares break through their €29.06 resistance and gain 4% intraday
The Montpellier-based biopharmaceutical company continues its rebound in a well-oriented Paris market. The stock has surpassed several recent session highs, a few days after the publication of very strong sales figures for its flagship treatment marketed by Teva.
The stock breaks its 150-session highs and rises 4.11%
Medincell shares gained 4.11% to €29.86 intraday, among the strongest gains in the SBF 120, while the index rose 0.78%.
The stock broke above the highest level of the last 150 sessions, at €29.56, which now acts as support, after already surpassing the 30-session high at €29.06. This move extends a one-week gain of +12.5% and a one-month gain of +34.5%, placing the price well above its three moving averages, with the MM20 at €26.99 and the MM200 at €24.84.
The RSI at 68 remains below the overbought zone. The next resistance level is at €30.72.
Uzedy sales jump 96% and Teva raises its annual forecast
On November 3, Uzedy sales reached $85 million in the third quarter, up 96% year on year, compared with +43% in the previous quarter. Teva immediately raised its annual forecast to $290-310 million, from $270-290 million previously. These figures are those of the American partner, not Medincell's revenue; however, they determine the royalties received by the Montpellier-based company.
Following this rebound, the stock is still down 20.6% over one year. According to the consensus of the analysts surveyed, the share trades at 58 times expected earnings for the following fiscal year.
