Medincell shares gain 3.5% and climb 25.5% in one month
The Montpellier-based biopharmaceutical company continues its rebound in a broadly stable Paris market. The stock moves to the top of its index ranking after several weeks of recovery that have taken it well clear of its moving averages.
A rebound that places the stock well above its moving averages
Medincell shares rose 3.49% to €27.86 early in the afternoon, while the SBF 120 fell 0.07%. The stock ranks among the strongest gainers in the index.
The stock trades 4.66% above its 20-day moving average (MM20) and 12.02% above its 200-day moving average (MM200), evidence that the recovery begun in early October has not been erased by the consolidation sessions. The stock has gained 25.5% over one month, following the FDA's green light on October 9 for the olanzapine formulation developed with Teva.
Over one year, however, it remains down 27.56%. The RSI at 60 does not signal any overheating.
Resistance at €29.06, less than 5% above the current price
The next level identified by the indicators is resistance at €29.06, roughly 4.3% above the day's price. Support is at €22.60.
On the financing side, the new €13.8 million loan announced on October 13 completes a debt restructuring begun in July, totaling €41.8 million. In terms of valuation, the consensus of the analysts surveyed places the projected P/E ratio at 54.1 times earnings for the following fiscal year.
