Investors who may be looking into pharmaceutical stocks this morning may consider tracking the Elite Pharmaceuticals Inc (OTCMKTS:ELTP) stock. It has been in the middle of a fairly strong rally in recent times and it continued yesterday as it ended the day with gains of 3%. That took the gains made by the stock over the course of the past week to as much as 9%.
Trading Data
On Thursday, ELTP stock gained 3.01% to $0.0463 with more than 115K shares, compared to a volume of 361K shares. The stock moved within a range of $0.0410 – 0.0485 after opening trade at $0.0485.
About Elite Pharmaceuticals
The company is involved in the research, development, licensing, and manufacturing of controlled release medicine delivery systems which are administered orally.
At this point in time, Elite Pharmaceuticals works in two main segments. One of those is involved in abbreviated new drug applications for generic products and the other segment is involved in new drug applications pertaining to branded products. In addition to that, Elite Pharmaceuticals has also involved contract manufacturing of a range of generic oral dose pharmaceutical products.
Key Details
The specialty pharmaceutical company was actually in the news yesterday after it announced that it was going to announce its financial results for the 2022 fiscal year on June 29, 2022. The company also noted that it was also going to host a conference call the next day on June 30 that would commence at 11:30 in the morning Eastern Time. At the conference call, the management would discuss the operating and financial results and also provide general business updates to those who dial-in. However, it was also noted that shareholders would need to submit their questions prior to the commencement of the conference call.
While the announcement yesterday was an important one, the company also made another key announcement last month on May 11. Elite Pharmaceuticals announced on that day that it had appointed Robert Chen as its new Chief Financial Officer and the appointment went into effect on May 16, 2022. It was a major new appointment for Elite Pharmaceuticals and one that may have been looked into closely by investors as well. At the end of the day, it is one of the most vital executive roles in any company and may have a considerable impact on its future.
Technical Data
ELTP stock is trading above the 20-Day and 50-Day Moving averages of $0.0448 and $0.0404 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0392.
