India's Alkem Labs up as US FDA closes inspection without seeking action

Alkem Laboratories

25/06/2024 08:08

** Shares of Alkem Laboratories  ALKE.NS  rise 3.2% to 5,165
rupees; set to snap four-session losing streak
    ** Drugmaker says US FDA closed inspection at its
manufacturing facility in Baddi and classified it as voluntary
action indicated (VAI)
    ** VAI means objectionable conditions or practices were
found, but the agency won't recommend any administrative or
regulatory action, as per the regulator's website
    ** ALKE top pct gainer on Nifty pharma index  .NIPHARM 
which is trading flat 
    ** Mean rating of 18 analysts is "hold"; median PT is 4,780
rupees - LSEG data
    ** Stock down 0.2% this year, erasing most YTD losses, but
underperforms NIfty pharma index's 16% climb
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))