Natco Pharma Ltd share price jumped over 7.5 percent on Monday, touching an intra-day high of Rs 945 apiece.
Natco Pharma Ltd share price jumped over 7.5 percent on Monday, touching an intra-day high of Rs 945 apiece. The uptrend in Natco Pharma stock price came in after the company said it is seeking an emergency approval of Molnupirair capsules for the COVID-19 treatment.
Natco Pharma has applied to the Central Drugs Standard Control Organisation (CDSCO) in India for approval of Phase 3 clinical trial of the drug for the treatment of the COVID-19 positive patients.
The company in a statement has said, "Pre-clinical data have shown that Molnupiravir has broad anti-influenza activity, including highly potent inhibition of SARS-CoV-2 replication. Patients treated with Molnupiravir achieved response within five days of therapy indicating that the duration of treatment with Molnupiravir is short, with the additional advantage of being an oral therapy."
The company is seeking emergency approval of the drug on compassionate use for patients while adding it is ready to launch the product this month upon approval.
"NATCO is hoping that CDSCO would give emergency approval of this drug based on “compassionate use” for patients. “Compassionate use” approval is given for investigational drugs so a patient with an immediately life-threatening condition can gain access to the drug. The company is ready to launch the product this month if approval is given," the statement further added.
The mid-cap pharma stock opened with a gain of around 6 percent, starting at Rs 930 per share on NSE, after Friday's close at around Rs 878. At 11.35 am, Natco Pharma's share price traded 5.2 percent higher, at Rs 924 on NSE.
Natco Pharma shares have outperformed the sector by over 6 percent and the stock has been returned more than 6.5 percent in the last two days, trading more than its five-day moving average, 20-DMA, 50-DMA, 100 DMA and 200-DMA.
The one-year return on the stock is over 47 percent, while in the last three years, Natco Pharma shares have gained almost 13 percent, according to Moneycontrol.
(Edited by : Ajay Vaishnav)
First Published: IST