Medincell Stock: Leading the SBF 120, Soaring 22% Following FDA Green Light
The Montpellier-based biopharmaceutical company posts the strongest gain in its index, in a well-oriented Paris market. The surge occurs after trading resumes, which had been halted this morning pending a company announcement.
An American Green Light Entitling the Company to Milestone Payments
Medincell stock gains 22.04% and trades at €30.34, compared with €24.86 at the previous close, placing it at the head of the SBF 120, which advances 1.15% during the session. Trading had been suspended at opening, ahead of an announcement publication. Its American partner Teva Pharmaceuticals obtained FDA approval for a monthly injectable formulation of olanzapine, developed using the company's technology.
In its announcement published on October 9, the company details the royalties and milestone payments to which this approval entitles it, up to $112 million. Medincell stock had already gained 30.89% over a week, following a difficult quarter.
A Clear Crossing of Moving Averages, Consensus Raised by Portzamparc
The price stands well above the 20-day MA (€23.16, 31% spread) and the 200-day MA (€24.79, 22.4% spread), following a surge that distances it from these benchmarks. The RSI at 55 remains neutral despite the magnitude of the rise, and the next resistance is identified at €38.46. On the analysts' views front, Portzamparc raised its target on October 7 from €30.00 to €31.40 while maintaining its buy rating, a level close to today's price. Based on the consensus of surveyed analysts, the stock trades at approximately 72 times the expected earnings for the following fiscal year.
