Elite Pharmaceuticals (OTCMKTS:ELTP) Shares Cross Above 50-Day Moving Average - Here's Why

Key Points

• Elite Pharmaceuticals' stock price surged above its 50-day moving average of $0.59, reaching a high of $0.70 before closing at $0.67 with a trading volume of 858,570 shares.
• The company's recent quarterly earnings showed a loss of ($0.01) earnings per share (EPS) and generated revenue of $40.21 million, alongside a negative net margin of 10.26%.
• Elite Pharmaceuticals maintains a strong liquidity position with a quick ratio of 5.44 and a current ratio of 7.23, reflecting its financial stability.

Elite Pharmaceuticals Inc. (OTCMKTS:ELTP - Get Free Report) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $0.59 and traded as high as $0.70. Elite Pharmaceuticals shares last traded at $0.67, with a volume of 858,570 shares changing hands.

Elite Pharmaceuticals Stock Down 4.2%

The company has a market cap of $667.63 million, a P/E ratio of -62.20 and a beta of 0.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.23 and a quick ratio of 5.44. The company's 50-day moving average is $0.59 and its two-hundred day moving average is $0.54.

Elite Pharmaceuticals (OTCMKTS:ELTP - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The specialty pharmaceutical company reported ($0.01) earnings per share for the quarter. Elite Pharmaceuticals had a negative net margin of 10.26% and a negative return on equity of 9.88%. The firm had revenue of $40.21 million for the quarter.

Elite Pharmaceuticals Company Profile

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.