Alembic Pharma shares surged almost 1% on USFDA approval for antifungal

Alembic Pharma shares surged almost 1% on USFDA approval for antifungal

Alembic Pharma shares surged almost 1% on USFDA approval for antifungal:

Alembic Pharma: It is one of the largest pharmaceutical companies in India located in Vadodara, Gujarat. The company manufactures various pharmaceutical products like pharmaceutical substances and intermediates. However, the companies manufacturing plant located at Panelav, Karakhadi in Gujarat, and Sikkim respectively.

Meanwhile, on Thursday, August 13th, the shares of the drug company jumped almost 1% in the stock market. The main reason for this is due to the company received tentative approval from the US drug regulatory for an antifungal drug.

Besides, the Aleor Dermaceuticals Limited received approvals from the US Food and Drug Administration (USFDA) from its abbreviated new drug application (ANDA) Tavaborole. It is therapeutically equivalent to Kerydin Topical Solution from Anacor Pharmaceuticals.

While the drug Tavaborole is an oxaborole antifungal used for the treatment of onychomycosis. The disease caused by Trichophyton rubrum or Trichophyton mentagrophytes. The estimated income of the drug is almost $82 million according to IQVIA.

On the other side, the company applied for almost 128 ANDA approvals from USFDA. While the company received 112 final approvals and 16 tentative approvals from USFDA.

However, the shares of Alembic Pharma Limited reported a bullish trend in the stock market on Thursday. The company gained 6.05 points with a 0.56% increase and reached 1,080.85 INR. While in BSE, the company gained 3.60 points with a 0.33% increase and reached 1,079.80 INR. 

Stock Market August 13th:

On Thursday, both Sensex and Nifty continues its bearish trend in the stock market from the last session. The Sensex is trading below 38,400 levels and Nifty is trading below 11,300 levels in the stock market. The Sensex lost 65.37 points with a 0.17% decrease and reached a 38,307.77 level. While Nifty lost 8.45 points with a 0.075% decrease and reached 11,299.25 level.

On the other side, the number of coronavirus cases in India reached 23,96,637 as of Thursday, August 13th, and deaths reached 47,033.

In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Thursday. It gained 98.33 points with a 0.71% increase and reached a 13,932.45 level. The S&P BSE Midcap gained 179.35 points with a 1.25% increase and reached a 14,537.75 level. While Nifty Bank lost 55.60 points with a 0.25% decrease and reached 22,209.90 level.

Top Gainers on August 13th: Hindalco Industries, Larsen & Toubro, Bharti Infratel, Tata Motors, and Titan Company are the top gainers in today’s stock market.

Top Losers on August 13th: Bharti Airtel, Sun Pharma, NTPC, Eicher Motors, and ITC are the top losers in today’s stock market. 

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