Share price of multinational pharmaceutical company Novartis India fell over 2 percent intraday on February 12 after the company reported a 39.93 percent decline in its net profit to Rs 7.73 crore for the quarter ended December 31, 2019.
The company had posted a net profit of Rs 12.87 crore for the corresponding period of the previous fiscal.
Revenue from operations of the company stood at Rs 117.46 crore for the quarter under consideration. It was Rs 135.62 crore for the same period year-ago.
The stock witnessed a spurt in volume by more than 1.24 times and was trading with volumes of 10,070 shares, compared to its five day average of 9,685 shares, an increase of 3.98 percent.
The stock has seen a steady decline in the last one month and was quoting at Rs 643, down Rs 17.50, or 2.6 percent at 10:58 hrs. It has touched an intraday high of Rs 650 and an intraday low of Rs 636.
Novartis on February 11 said it has won fast-track US regulatory review for capmatinib in a hard-to-treat form of lung cancer. Capmatinib is a MET inhibitor being evaluated as a treatment for first-line and previously treated patients with locally advanced or metastatic MET exon 14 skipping (METex14) mutated non-small cell lung cancer, Reuters reported.
“If approved, capmatinib will be the first therapy to specifically target METex14 mutated advanced lung cancer, a type of lung cancer with a particularly poor prognosis,” Novartis said in a statement.