Elite Pharmaceuticals (OTCMKTS:ELTP) Stock Price Passes Below 200 Day Moving Average - Here's What Happened

Key Points

• Elite Pharmaceuticals shares fell below their 200-day moving average of $0.51, trading as low as $0.49 before closing at $0.54 with significant volume.
• The company reported a quarterly earnings per share (EPS) of $0.01, with revenues of $32 million and a return on equity of 3.96%, indicating some profitability despite challenges.
• Elite Pharmaceuticals operates in the development and sale of oral, controlled-release products and generic pharmaceuticals, with a debt-to-equity ratio of 0.08 suggesting low leverage.

Elite Pharmaceuticals Inc. (OTCMKTS:ELTP - Get Free Report) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.51 and traded as low as $0.49. Elite Pharmaceuticals shares last traded at $0.54, with a volume of 1,433,764 shares changing hands.

Elite Pharmaceuticals Price Performance

The stock has a 50-day moving average price of $0.61 and a 200 day moving average price of $0.51. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.50 and a current ratio of 4.88.

Elite Pharmaceuticals (OTCMKTS:ELTP - Get Free Report) last announced its quarterly earnings data on Monday, June 30th. The specialty pharmaceutical company reported $0.01 EPS for the quarter. Elite Pharmaceuticals had a negative net margin of 5.13% and a positive return on equity of 3.96%. The company had revenue of $32.00 million for the quarter.

About Elite Pharmaceuticals

Elite Pharmaceuticals, Inc, a specialty pharmaceutical company, engages in the development, manufacture, and sale of oral, controlled-release products, and generic pharmaceuticals. The company operates in two segments, Abbreviated New Drug Applications for Generic Pharmaceuticals and New Drug Applications for Branded Pharmaceuticals.