Rising for the fourth straight session on Thursday, shares of drugmaker Glenmark Pharmaceuticals Ltd. hit a fresh 52-week high. The stock gained as much as 1.9 percent in trade to hit a 52-week high of Rs 488.85.
Shares have risen nearly 10 percent in the last four trading sessions itself. The stock may have gained only 1.7 percent over the last 12 months, but has recovered 40 percent from its 52-week low of Rs 348.90, which it fell to on June 20 last year.
The company was recently in the news after it got final approval from the United States Food and Drug Administration (USFDA) for tablets to control severe nausea.
Glenmark had said in March that Prochlorperazine Maleate Tablets 5 mg and 10 mg will now be distributed in the US by Glenmark Pharmaceuticals Inc., USA.
The company had also entered into a supply and distribution agreement with Cediprof Inc. last month for the supply and distribution of tablets used in the treatment of mental disorders.
The two companies had signed the deal for Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate, and Amphetamine Sulfate tablets in the strength of 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg.
Earlier in an interaction with CNBC-TV18 in February this year, Glenmark’s Executive Director and Global CFO VS Mani had said that he expected the company to grow 10-12 percent in the next financial year and post margins of around 19 percent.
Mani was also confident that some of the remediation issues pertaining to the company’s plants should get resolved over a period of time.
Notably, Glenmark’s manufacturing facility in Monroe, North Carolina, US, received an OAI (Official Action Indicated) status from the USFDA in August last year. An OAI classification means that the regulator may withhold the approval of any pending product application or supplements filed from the concerned facility till the outstanding observations are resolved.
Shares of Glenmark are trading 0.5 percent higher at Rs 482.50.
