Wockhardt shares hit 52-week high! Company issues clarification on volume movement

Shares of Wockhardt Ltd jumped 4.32 per cent in Wednesday's trade to scale their one-year high value of Rs 1,127.25. The stock was last seen trading 1.71 per cent up at Rs 1,099. At this price, it has delivered multibagger returns to investors by rallying 133.85 per cent on a year-to-date (YTD) basis. 

Bourses BSE and NSE sought clarification from the small-cap pharma firm with reference to movement in volume. Wockhardt, in response, said, "We believe that the sudden increase in volume may be on account of our recent press release submitted on October 11, 2024, relating to Company's product i.e. novel antibiotic Miqnaf(TM) (Nafithromycin) which received favourable recommendation from Subject Expert Committee of Central Drugs Standard Control Organization (CDSCO) for the Treatment for Community-Acquired Bacterial Pneumonia (CABP)."

Miqnaf(TM) is globally, first-ever, once-a-day (OD) 3-day-only treatment for CABP patients including those caused by multi-drug resistant (MDR) bugs. TM stands for trademark.

Separately, the global pharmaceutical company today submitted its indigenously developed fast-acting insulin analog, ASPARAPID(TM), for regulatory approval with India's Drugs Controller General of India (DCGI).

Wockhardt's Aspart insulin injection will be available in cartridges, vials and prefilled disposable pens, offering flexibility to patients in managing diabetes. It said the market size of Aspart in India is currently estimated at over Rs 260 crore with only 2 players and is expected to grow significantly in the coming years.

"We are proud of adding another feather in our diabetes biosimilars portfolio through filing of insulin Aspart injection in a market that has limited competition. This reinforces Wockhardt's ability to develop and manufacture complex biosimilars domestically," said Dr. Habil Khorakiwala, Founder and Chairman of Wockhardt. "Our aim is to make world-class diabetes care accessible to patients in India and globally and to contribute meaningfully to the management of diabetes."

The pharma firm also mentioned that it is developing additional insulin analogs and GLP-1 agonists as part of its comprehensive strategy to provide advanced diabetes care solutions.

Diabetes remains a critical health issue, affecting more than 7.7 crore people in India and over 53.7 crore people worldwide and expected to be over 64.3 crore by 2030.

"There is more upside left in Wockhardt's counter. It has potential to hit Rs 1,200-1,220-odd levels in the near term. One can continue to hold this stock, keeping a stop loss of Rs 1,050," Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, told Business Today TV.

Wockhardt is a research-based global pharmaceutical and biotech company headquartered in Mumbai. It has manufacturing and research facilities in India & UK and a manufacturing facility in Ireland. Around 78 per cent of its global revenues come from international businesses.