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sun pharma share price up 3% after morgan stanley remains overweight

Tuesday, Mar 3 2020 11:30AM

Sun Pharmaceutical Industries share price jumped more than 3 percent intraday on March 3 after Morgan Stanley maintained overweight stance on the stock, with a target of Rs 530 per share.

Sun Pharma Advanced Research Company (SPARC) on February 12 received a complete response letter (CRL) for its NDA Taclantis. A meeting with US Food and Drug Administration (USFDA is scheduled for April. SPARC plans to re-submit its dossier in the coming months.

The stock saw a 1.88 times spurt in volume and was trading with volumes of 654,539 shares compared to its five-day average of 422,811, an increase of 54.81 percent.

The pharma giant on February 26 launched Riomet ER, used in treating type 2 diabetes, in the US market. Riomet ER is the first and the only FDA-approved liquid formulation of extended-release metformin. The US health regulator approved the drug on August 29, 2019.The company, on March 2, said there was a shortage of its generic version of hypertension drug pindolol due to unavailability of ingredients.

The company said it does not source the active pharmaceutical ingredients (API) of the drug from China, adding that supply of some other APIs was impacted by the coronavirus.

"We have sufficient inventory of API and raw materials for the short term," Sun Pharma said in an email.

Sun Pharmaceutical Industries was quoting at Rs 382.90, up Rs 14.05, or 3.81 percent. It has touched an intraday high of Rs 389.85 and an intraday low of Rs 373.


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