Strides Pharma stock gains over 5% on USFDA nod for generic ointment

Share price of Strides Pharma rallied 5.4% intraday on June 2 after the firm received approval from the US health regulator for Triamcinolone Acetonide Ointment. The product will be manufactured at the company's flagship facility at Bangalore and will be marketed by Strides Pharma in the US market, the press release added.

Following the update, Strides Pharma Science stock touched an intraday high of Rs 421, rising 5.36% against the last closing value of Rs 399.60 on BSE.

Stock price of Strides Pharma has gained 3.85% in the last 3 days.

Strides Pharma stock has risen 3.85% in the last 3 days of straight gains. The stock has risen 0.23% in one week and 13.54% since the beginning of the year. The stock trades higher than 5, 50, 100 and 200-day but lower than 20-day moving averages.

As per the filing, the product is part of the niche and small volume product portfolio with limited competition in the US market.

According to IQVIA MAT data, the US market for Triamcinolone Acetonide Ointment is approximately $15 million. The company has 124 cumulative ANDA filings with USFDA of which 86 ANDAs have been approved and 38 are pending approval, it added.

Shares of Stride Pharma closed 2.50% or 10 points higher at Rs 409.60 on Tuesday.

Banking stocks lead rally in early trade; Kotak Bank, IndusInd Bank top gainers

Stocks in news: Yes Bank, Eicher Motors, Tata Power, TVS Motor, Hero MotoCorp, RIL, Ashok Leyland and more

Kotak Mahindra Bank stock rises 8% as Uday Kotak to sell 2.8% stake

Share Market LIVE: Sensex gains 300 points, Nifty at 9,915; M&M, Tata Motors, Kotak Bank top gainers