The stock outperformed the market over the past one month, rising 12.83% compared with 1.87% increase in the Nifty.

The scrip outperformed the market in past one quarter, climbing 18.40% compared with 5.61% increase in the Nifty.

The scrip, however, underperformed the market in past one year, rising 5.79% compared with 10.24% increase in the Nifty.

On the technical front, the stock's daily RSI (relative strength index) stood at 59.21. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 129.59, 124.45 and 128.09, respectively. These levels will act as crucial support zones in near term.

Panacea Biotec is engaged in research and development, manufacturing, sales, distribution and marketing of pharmaceuticals and vaccines.

On a consolidated basis, Panacea Biotec reported net profit of Rs 10.98 crore in Q1 June 2023 as against net loss of Rs 56.14 crore in Q1 June 2022. Net sales rose 16.70% YoY to Rs 129.19 crore in Q1 June 2023.

Meanwhile, Panacea Biotec announced on 22 August 2023 that a delegation from the United States, led by the U.S. Ambassador to India, Eric Garcetti, and Loyce Pace, Assistant Secretary for Global Affairs at the Department of Health and Human Services (HHS), visited Panacea Biotec. They were impressed with the groundbreaking research and development work being carried out by the company, particularly in the development of the DengiAll vaccine for dengue.

Other members of the delegation included representatives from the National Institutes of Allergy and Infectious Diseases (NIAID/NIH), who are working closely with Panacea Biotec on the vaccine.

Dr. Rajesh Jain, chairman & managing director of Panacea Biotec, expressed their commitment to developing vaccines to meet global healthcare needs and thanked the National Institutes of Health (NIH) and other government authorities for their support in the development of the Dengue vaccine.