There was no news about the specialist pharmaceutical company Elite Pharmaceuticals Inc (OTCMKTS:ELTP) on Monday but the stock suffered from a selloff nonetheless and ended up with a decline of as much as 8% for the day.
Trading Data
On Monday, ELTP stock fell 7.50% to $0.0370 with more than 2.81 million shares, compared to volume of 515.73K shares. The stock moved within a range of $0.0345 – 0.0410 after opening trade at $0.0410.
Elite Pharmaceuticals, Inc. Reports Financial Results for the First Quarter of Fiscal Year 2023 ended June 30, 2022, and Provides Conference Call Information
The last time the company was actually in the news was back on August 15 when it announced its financial results for the first fiscal quarter of 2023 which had ended on June 30, 2022. It may be a good idea for investors to take a look at some of the highlights from the same.
In that quarter, the company managed to bring in consolidated revenues to the tune of $7.7 million and that reflected a year on year rise of 9%. The boost in the revenues was primarily due to the sales generated through generic extended release Adderall and immediate release Adderall.
On the other hand, the operating profits for the quarter came in at $1 million and that reflected a year on year rise of $0.6 million from the prior year period. Last but certainly not the least, the net income for the first fiscal quarter of 2024 stood at $0.31 million for Elite Pharmaceuticals.
Technical Data
ELTP stock is trading below the 20-Day and 50-Day Moving averages of $0.0410 and $0.0430 respectively. However, the stock is trading below the 200-Day moving average of $0.0394. The company has a total market capitalization of $37.40 million. The stock is down 11% over the past three months.
