Strides Pharma shares hit 52-week high on USFDA nod to heart disease drug

Shares of Strides Pharma Science Ltd hit their 52 week high after the firm said its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram, from the United States Food & Drug Administration (USFDA).  

Shares of the pharma firm zoomed 8.02% to Rs 538.65 in early deals against the previous close of Rs 498.65 on BSE. Total 1.27 lakh shares of Strides Pharma changed hands amounting to a turnover of Rs 6.61 crore on BSE. Market cap of Strides Pharma rose to Rs 4778.61 crore.   

Shares of Strides Pharma have risen 48.48 per cent in 2023 and climbed 63.58% in a year. The stock hit a 52-week low of Rs 268.40 on March 21, 2023.   

Strides Pharma shares have a beta of 0.9, indicating low volatility in a year.   

In terms of technicals, the relative strength index (RSI) of the Strides Pharma stock stands at 67.8, signaling it's trading neither in the overbought nor in the oversold zone. Strides Pharma shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day, 200 day moving averages.     

 

The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Vascepa of Amarin. The Icosapent Ethyl Capsules has a market size of $ 1.3Bn per IQVIA. The product will be manufactured at the company’s facility in Bengaluru. Icosapent Ethyl Capsule is a prescription medication used in conjunction with other medicines like statins to reduce the risk of heart attack, stroke and heart issues in those afflicted with cardiovascular disease. The product complements Strides’ range of approved soft gelatin capsules  

The Company has 260 cumulative ANDA filings (including the recently acquired portfolio from Endo at Chestnut Ridge) with USFDA, of which 230 plus ANDAs have been approved. The company has set a target to launch 60 new products over three years in the US.  

Strides Pharma Science is an India-based pharmaceutical company. The company is focused on the development and manufacture of IP-led niche and pharmaceutical products. The company operates through two segments: Pharmaceutical and Bio-pharmaceutical. Its geographical segment includes Africa, Australia, Asia (excluding India), North America, Europe, India, and Others. The company manufactures a range of niche and pharmaceutical products, including a range of dosage forms such as liquids, creams and ointments, soft gels, sachets, tablets, and modified release dosage formats.  

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