KUALA LUMPUR: Shares of PHARMANIAGA BHD [] fell to their lowest in nearly two months in morning trade today, despite the absence of any negative news.
At 10.59am, it was down 38 sen to RM4.12 with 2,000 shares done. This was the lowest since Oct 27.
RAM Rating Services had on Dec 8 lifted its ratings watch on the company's RM60 million Islamic debt notes programme and RM40 million commercial papers programme after its concession agreement with the Health Ministry was extended for another 10 years.
At RM4.12, Pharmaniaga is trading at a price-to-earnings ratio (PER) of 8.9 times compared with the pharmaceutical and bioTECHNOLOGY [] sector's average PER of 12.02 times.
Standard & Poor's had a hold recommendation on Pharmaniaga with a target price of RM4.60 in its report issued on Dec 7.