Laurus Labs Shares Gain As It Plans To Raise Stake In Gene Therapy Company

Shares of Laurus Labs Ltd. rose the most in a week after it agreed to buy an additional stake in the cell and gene therapy company, Immunoadoptive Cell Therapy Pvt.

The company has signed a definite agreement to acquire an additional 7.24% stake in Immunoadoptive Cell Therapy for Rs 80 crore, taking its total holding to 33.86% in the cell and gene therapy company, according to an exchange filing. Additionally, some promoters and senior management of Laurus Labs would acquire 0.54% of ImmunoACT via secondary purchases for approximately Rs 4 crore, it said.

Shares of Laurus Labs Ltd. rose 1.91% to Rs 337 apiece as of 10:06 a.m. on Thursday, compared to a 0.23% advance in the benchmark Nifty 50. The stock gained as much as 4.32% intraday, the most in a week since May 24.

The total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was 63.

Out of the 15 analysts tracking the company, nine maintain a 'buy' rating, three recommend a 'hold,' and three suggest a 'sell' on the stock, according to Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 1%.