Elite Pharmaceuticals Stock Drops 4.8% Amid Trading Decline

Elite Pharmaceuticals Inc. experienced a notable decline in its stock price on Friday, trading down 4.8% during mid-day sessions. The stock dropped to a low of $0.51 before recovering slightly to last trade at $0.5140. A total of 871,376 shares changed hands, marking a significant 28% decrease from the average trading volume of 1,216,807 shares. The stock had closed the previous day at $0.54.

Stock Performance Indicators

In terms of financial health, Elite Pharmaceuticals has a debt-to-equity ratio of 0.09, which indicates a low level of debt relative to its equity. The company shows a quick ratio of 5.44 and a current ratio of 7.23, suggesting it has sufficient liquidity to meet its short-term obligations. The stock’s fifty-day moving average stands at $0.63, while the two-hundred-day moving average is $0.60.

Currently, Elite Pharmaceuticals holds a market capitalization of $556.21 million. The company’s price-to-earnings ratio is at -51.81, reflecting challenges in profitability, and it has a beta of 0.10, indicating lower volatility compared to the broader market.

About Elite Pharmaceuticals

Elite Pharmaceuticals is a specialty pharmaceutical company focused on the development, manufacture, and sale of oral, controlled-release products, as well as generic pharmaceuticals. The firm operates through two main segments: Abbreviated New Drug Applications for Generic Pharmaceuticals and New Drug Applications for Branded Pharmaceuticals.

As trading continues, investors will be watching closely for any developments that may impact the company’s performance and stock value in the coming days.