Despite weak market sentiment, Concord Biotech stock price opens at $900 each on both NSE and BSE, bringing in over 21% of the listing fee to the lucky allots. Problem building book was offered at a price $705 to $741 per share and this issue has also received strong reactions from investors. However, the newly listed shares surprised market observers even more by extending the listing fee.
On the NSE, Concord Biotech stock price opened at $900.05 and went on to hit an intraday high of $925.90 per share. Currently, shares of Concord Biotech are priced at about $920 per share on the NSE.
Stocks are looking positive because there’s nothing wrong with the stock’s fundamentals, according to stock market experts. They say allotted people can keep the scenario for the short term goal of $1,000 maintains stop loss at $860 while a new entry is recommended with a similar stop loss if the stock comes out $880 sliver levels.
Speaking about Concord Biotech’s IPO listing, Anubhuti Mishra, Equity Research Analyst at Swastika Investmart said, “Concord Biotech Limited made its debut on the stock market by going public on at the time $900 per share, 21.46% above its IPO price $741. The listing of Concord Biotech shares was in line with expectations. The company’s strong fundamentals and good level of registration are positive factors for this.”
Concord Biotech stock price target
Regarding the proposal for attributions after active launch, Vaibhav Kaushik, Research Analyst at GCL Broking said, “Concord Biotech IPO is a candidate for a four-digit listing but due to sentiment the stock market was weak so it was listed at $900 shard levels. Allotted people should keep the script for $Target 1,000 in the near term maintain stop loss at $860 per share level.”
Regarding suggestions for those who missed out on getting shares of the company through the allocation process, CL expert said: “New entrants should be around $880 levels. However, in case it doesn’t come below $900 and available approx $880, then one should look at other IPOs and stock available in the market.”
“In the case of Concord Biotech stock available at $880, one should buy with stop loss at $860 levels for $1,000 per target,” concluded Vaibhav Kaushik.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms, not those of Mint. We advise investors to check with certified professionals before making any investment decisions.
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Update: Aug 18, 2023, 11:01 AM IST
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