Why is Concord Biotech falling/rising?

As of 28-Oct, Concord Biotech Ltd's stock price is currently at 1,432.20, reflecting a decrease of 26.2 points or 1.8%. The stock has been underperforming significantly, with a consecutive decline over the last four days, resulting in a 5.9% drop in the past week. It is also trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Additionally, the stock is close to its 52-week low, being only 4.34% away from that point. The company's recent financial performance has raised concerns, as its PAT for the quarter has fallen by 52.6% compared to the previous four-quarter average, and net sales have reached their lowest at Rs 203.99 crore. Despite having a high return on equity (ROE) of 19.76% and a low debt-to-equity ratio, the stock's valuation appears expensive with a price-to-book value of 8.3, contributing to its negative sentiment among investors.
In the broader market context, Concord Biotech's performance has lagged behind the benchmark index, with a year-to-date return of -35.19% compared to the Sensex's gain of 8.30%. Over the past month, the stock has declined by 8.42%, while the Sensex has increased by 5.22%. This stark contrast highlights the stock's struggles in a generally positive market environment. Furthermore, the falling investor participation, indicated by a significant drop in delivery volume, suggests a lack of confidence among traders, further exacerbating the stock's downward trajectory. Overall, the combination of poor financial results, high valuation concerns, and weak market performance has led to a negative outlook for Concord Biotech.