Marksans Pharma shares gained nearly 2 percent on March 10 after the US health regulator gave its approval for the company's Famotidine tablets that work as acid reducer.
Famotidine tablets are bioequivalent to the reference listed drug Pepcid AC tablets, a registered trademark of Johnson & Johnson Consumer Inc, which has sales of over $200 million in the US market.
"...has received final approval from the US Food and Drug Administration for its abbreviated new drug application (ANDA) of Famotidine tablets for over-the-counter use," Marksans Pharma said in its filing to the exchanges.
Famotidine tablets, which are available in 10 mg and 20 mg strength, are acid reducers which used to treat conditions where reduction of stomach acid is needed, such as acid indigestion, occasional heartburn, or sour stomach from eating or drinking certain foods or beverages.
"This will help us to fulfill an important therapy gap created in antacids market due to Ranitidine withdrawal," said Mark Saldanha, MD of Marksans Pharma.
The stock settled with 1.6 percent gains at Rs 68.75 on the NSE.
Technically, the stock has formed bullish candlestick pattern with long lower shadow on the daily charts, with trading above all key moving averages (50, 100 and 200-day EMA - exponential moving average) since mid of November 2023.
It has taken a support at the low of February 27 (Rs 65.55).
On the weekly scale, there was formation of Doji kind of pattern, indicating indecisiveness among bulls and bears about future market trend, while we have small bodied bullish candle formation on the monthly timeframe.
On the broader perspective, since June 2022 lows, it has seen higher highs higher lows, which seems to be a positive sign.
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