The Mayne Pharma Group Ltd share price has bounced higher today

Much to the relief of its long-suffering shareholders, the Mayne Pharma Group Ltd (ASX: MYX) share price is finally heading in the right direction.

In morning trade the pharmaceutical company’s shares are up 3% to $1.05, despite there being no news out of the company.

Even after today’s gain Mayne Pharma’s shares are still down a disappointing 35% since this time last year and just a fraction off their 52-week low.

An investigation by the US Department of Justice into the alleged price-fixing of its doxycycline hyclate delayed-release tablets and potassium chloride powders has weighed heavily on its shares this year. As have President Trump’s views on the exorbitant price of generic drugs.

Unsurprisingly this has led it to becoming one of the most shorted shares on the Australian share market.

But it appears as though some investors believe it is good value today judging by its 3% gain.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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