Gland Pharma up 6.5%

Gland Pharma is doing well today morning. The reason is the EIR from the US FDA.

The company said that following the Pre-Market Inspection covering US FDA’s Quality System/Current Good Manufacturing Practice regulations for Medical Devices (21 CFR Part 820) by US FDA at the company’s Pashamylaram Facility at Hyderabad between 23rd August, 2023 and 26th August, 2023; the company has received Establishment Inspection Report (EIR) from the US FDA indicating closure of the inspection.

The USFDA issues an EIR to an establishment that is the subject of an FDA or FDA-contracted inspection when the agency decides to close the inspection.

This is good news and that’s the reason why the stock price has gone up today; in fact almost all the pharma stocks are up today, leading the rally today.

The stock opened 1% higher today at Rs.1708.30 and rose to an intraday high at Rs.1817.15, an increase of almost 6.5%. Its 52-week high stands at Rs.1914. Volumes are up today around 5-times.