Why is Concord Biotech falling/rising?

As of 23-Sep, Concord Biotech Ltd is currently priced at 1,620.00, reflecting a decrease of -1.15 or -0.07%. The stock has been underperforming recently, having fallen consecutively for the last two days with a total decline of -4.22%. In the past week, it has experienced a slight decrease of -0.31%, while over the past month, the stock has dropped significantly by -8.57%. Key financial indicators reveal a concerning trend, with the company's PAT for the latest quarter falling by -52.6% compared to the previous four-quarter average and net sales hitting a low of Rs 203.99 crore. Additionally, the stock is trading below its moving averages across multiple time frames, indicating a bearish trend. The decline in delivery volume by -6.54% against the five-day average suggests a decrease in investor participation, which is further compounded by a -0.54% reduction in institutional investor stakes.
In the broader market context, Concord Biotech's performance has been relatively weak compared to the benchmark, with the stock generating a return of -31.95% over the past year, while the Sensex has only declined by -3.33%. This stark contrast highlights the stock's underperformance not just in the long term but also in the near term, as it has lagged behind the BSE500 index over various periods. The company's high valuation, indicated by a Price to Book Value of 9.3, coupled with poor long-term growth prospects, has led to a perception of it being a strong sell. Overall, the combination of declining financial performance, reduced investor participation, and unfavorable comparisons to the broader market contributes to the stock's downward movement.