Why is Concord Biotech falling/rising?

As of 10-Jun, Concord Biotech Ltd's stock price is rising, currently at 2,100.00, reflecting an increase of 86.55 or 4.3%. The stock has shown strong performance today, outperforming its sector by 3.78% and achieving a consecutive gain over the last three days with a total return of 13.55%. It has also reached an intraday high of Rs 2127.2, indicating positive momentum. The stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, which suggests a bullish trend. Additionally, there has been a significant increase in investor participation, with delivery volume rising by 51.58% compared to the 5-day average. The company has demonstrated strong long-term fundamentals, including a healthy return on equity and low debt levels, which contribute to its positive outlook.
In the broader market context, Concord Biotech's short-term return of 13.70% over the past week significantly outpaces the Sensex's return of 2.05%, indicating strong relative performance. Over the last year, the stock has generated a return of 45.08%, which is substantially higher than the market's average return of 6.22%. This outperformance, combined with increasing institutional investor participation, reinforces the stock's bullish sentiment. However, it is important to note that despite its strong performance, the stock is considered expensive with a high price-to-book value, which could pose risks if market conditions change.