SPARC tumbled 19 percent after Phase 2 trials of its psoriasis drug SCD-044 failed to meet primary endpoints. The company will halt further development and assess next steps
SPARC has a market capitalisation close to Rs 7,600 crore and the shares are down by 23% so far this year. On charts, the share has given a strong breakout rising above the 10 and 20 EMA.
The Sun Pharma Advanced Research Company stock has gained 40 percent this year against a 4 percent rise in the benchmark Nifty50