Elite Pharmaceuticals Inc (OTCMKTS:ELTP) was a notable decliner during Friday’s trading session. The stock declined by close to 3% on the back of high volumes. The stock has been trending lower ever since it was unable to move above the resistance zone at $0.431. The stock currently trades above all daily moving averages. The relative strength index for the stock has given a sell signal, which is a bearish signal. The momentum oscillators for the stock have formed a lower high and given a fresh sell signal. Traders believe the stock could head to levels of $0.293
Elite Pharmaceuticals Inc (OTCMKTS:ELTP) announced the results for the recently concluded second quarter of FY16. As per the reports, the consolidated revenues for the quarter were calculated as $2.7 million, up 115% from the revenues reported during the same period in 2014.
Insights On The Matter
The prime reason for this unbelievable hike in revenues is due to continuous growth in Elite Pharmaceuticals’ generic product line. The response that its products received from the market was truly amazing. Elite Pharmaceuticals invested an additional sum of $4.2 million during the same quarter on the development initiatives of ELI-200. It’s the first product in abuse-deterrent opioids line of the company.
Not long ago, Elite had announced 100% top-line results from ELI-200’s Phase 3 pivotal trial for the treatment of severe as well as moderate pain. Continuing its hard work, Elite Pharmaceutical look forward to filing a New Drug Application with FDA towards the end of 2015. As soon as things fall in line, Elite will arrange a conference call and announce all the details.
The senior management team of the company is delighted to announce financial as well as operational updates of the 2nd quarter of FY2016. According to Nasrat Hakim, CEO & President, Elite Pharmaceutical, it’s been another fantastic quarter. The generic product line of the company managed to set another record for the quarter, which is something the entire management team is delighted about. Successful Phase 3 trial of ELI-200 was another milestone that Elite Pharmaceutical managed to achieve in this quarter.
Hakim said that Elite’s confident about filing ELI-200 in 2015 itself so that it could start the production early next year and then focus on selling and marketing initiatives. The picture will be clear in a few week’s time; hence, Elite Pharmaceutical Management will inform its shareholders once the filing procedure is accomplished.
