Biocon shares rise after Health Canada approves Bosaya and Vevzuo
Biocon's stock got a boost on Tuesday, April 21 after the company announced Health Canada's April 3 approval of its two biosimilar drugs, Bosaya and Vevzuo.
These drugs are similar to Prolia and Xgeva, which help treat osteoporosis and bone issues linked to cancer.
Basically, these approvals mean more treatment options for people who need help keeping their bones strong.
Biocon CEO calls approval important milestone
Biocon's CEO called the approval "an important milestone for Biocon," saying it will help millions of patients worldwide get affordable therapies for bone problems.
Investors noticed too: Biocon shares rose 1.49% right after the news, capping off a 10% jump over the past year.
If you are tracking stocks, Hemen Kapadia, Technical Associate at DRChoksey Finserv, recommended buying with an eye on ₹385 as a target price last week.