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Natco Pharma Hit 52-Week High On Approval of Black Fungus Drug
On May 24, the share price of Natco Pharma increased by more than 20% after the Drug Controller General of India (DCGI) authorized five firms, including Natco Pharma.
The approval is to begin the development of the antifungal drug Amphotericin B liposomal injection, which is critical in the treatment of Mucormycosis, also known as 'Black Fungus,' the stock has been in the spotlight.
On May 21, Natco Pharma announced the start of phase-III clinical trials for Molnupiravir capsules in India. The first patient was dosed in Yashoda Hospitals in Hyderabad, according to the study.
The stock has increased by 30% in the last three days. Natco Pharma was trading 9.80% higher on the BSE at Rs 1,101 at 12.06 pm. Natco Pharma's stock soared 20 percent to a 52-week high of Rs 1,188.95 per share.It has risen to Rs 1,188.95, its 52-week peak.
It has traded between a high of Rs 1,188.95 and a low of Rs 1,087.80 during the day. The counter's trading volumes more than five-folded, with a total of 3.8 million equity shares changing hands on the NSE and BSE.
Natco also announced that its commercial partner, Breckenridge Pharmaceutical Inc (BPI), has secured final approval from the FDA for its ANDA for Everolimus tablets (the generic for Zortress).
