The global multinational speciality pharmaceutical company released its results after the close of markets on Thursday, and as the market digested the results, the share price dived to R70 a share on Friday morning, down from Thursday’s closing price of R141.15.
However, the stock recovered in the afternoon to trade at around R99.91 and closed the day at R100.66.
Nishlen Govender, a portfolio manager at Citadel, said Aspen’s share price had been trending downwards for some time now and saw a massive share price depreciation in 2018 as the stock fell 50 percent.
“The reason was the fact that Aspen was moving further away from their generic pharmaceutical business into a specialised provider across key products. This strategy entailed buying drugs from global manufactures, which is effectively an acquisitive growth strategy....
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