Why is Concord Biotech falling/rising?

As of 03-Sep, Concord Biotech Ltd's stock price is currently at 1,680.65, reflecting a decrease of 6.7 points or 0.4%. The stock has underperformed its sector today, with a performance lag of 1.64%. It has been on a downward trend for the last two days, accumulating a total decline of 0.73%. The stock reached an intraday low of Rs 1647.2, indicating a drop of 2.38%. Additionally, the stock's performance over the past week shows a decline of 1.43%, and it has fallen 3.39% over the past month. The company has reported a high management efficiency with a return on equity (ROE) of 19.76%, but it faces challenges such as a significant drop in profit after tax (PAT) by 52.6% compared to the previous quarter average and the lowest net sales recorded at Rs 203.99 crore. The stock is also trading at a premium compared to its peers, with a price-to-book value of 9.8, which may deter investors.
In the broader market context, Concord Biotech's short-term performance has been notably weaker than the benchmark, with a 1-week return of -1.43% compared to the Sensex's decline of only 0.27%. This trend of underperformance extends to a year-to-date return of -23.95% against the Sensex's gain of 3.11%. The company has seen a decrease in institutional investor participation, with a reduction of 0.54% in their stake over the previous quarter, indicating a lack of confidence among larger investors. Overall, the combination of poor recent financial performance, high valuation relative to peers, and declining investor interest contributes to the stock's downward trajectory.