India's Alkem Labs skids after US FDA issues 10 observations

Alkem Laboratories

28/03/2024 04:49

** Shares of India's Alkem Laboratories  ALKE.NS  down 2.5%
at 4,880 rupees after falling as much as 3.7% earlier
    ** Drugmaker said it received ten post-inspection
observations from U.S. Food and Drug Administration (US FDA)
    ** Stock set to snap four straight quarterly gains, down
6.7% so far 
    ** Avg rating of 21 analysts is "hold", while shares
currently trading ~3% higher than median TP of 4,748 rupees -
LSEG data
    ** YTD stock has fallen 6.6% after a 74.5% surge in 2023 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))