Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Stock In Focus After Quarterly Earnings
Specialty pharmaceutical company Elite Pharmaceuticals Inc (OTCMKTS:ELTP) saw its stock going into a bit of a downward spiral yesterday as it ended the day with a decline of as much as 4%.
Market Stats
On Monday, ELTP stock slid 4.53% to $0.0400 with more than 370k shares, compared to its average volume of 822K shares. The stock moved within a range of $0.0383 – 0.0419 after opening trading at $0.0411.
Earnings Recap
The company, which is involved in the development of niche generic items, was actually in the news yesterday after it announced its financial results for the third fiscal quarter of 2022 that had actually ended on December 31, 2021. In light of the fall, it can be said that investors were not particularly happy with the results. However, it might be the right time to take a look at some of the highlights.
In the third quarter, the company managed to bring in revenues to the tune of $9 million and that reflected a healthy 48% year on year rise in revenues from the $2.9 million that had been generated in the prior year period. The significant rise in revenues was primarily led by the higher sales that were generated by Amphetamine AR Capsules and the Amphetamine IR Tablets. Hence, the decline in the stock may appear a bit puzzling for some investors. However, it might be interesting to see if the stock can bounce back today.
Traders Corner
ELTP stock is trading above the 20-Day and 50-Day Moving averages of $0.0400 and $0.0383 respectively. However, the stock is trading below the 200-Day moving average of $0.0448.
