Shares of Jubilant Pharmova Ltd. hit record high Wednesday after the US drug authority did not take any regulatory action against its subsidiary's facility in Washington.
Jubilant HollisterStier LLC, the subsidiary, received 'voluntary action indicated' from the US Food and Drug Administration after inspection at its Spokane manufacturing facility from May 28 and June 6.
The US FDA classified the inspection as voluntary action indicated, which means objectionable practices and conditions are found in the facility. However, the American drug authority isn't convinced to take any regulatory actions.
Jubilant HollisterStier LLC is a wholly-owned subsidiary of Jubilant Pharma Inc., which is a subsidiary of Jubilant Pharma Ltd., the pharma company said in the exchange filing.
Shares of Jubilant Pharmova rose as much as 4.10% higher to hit record high of Rs 1,060 apiece. It was trading 1.08% higher at Rs 1,029.25 as of 10:06 a.m., compared to 0.08% decline in the NSE Nifty 50 index.
The stock gained 128.32% in last 12 months, and 88.47% on year to date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 78.16, which implied the stock is overbought.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.2%
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