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
The Mumbai-based drug maker has inked a pact with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US.
Trade Spotlight | Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today
The company has entered into an agreement with Visiox Pharma LLC (Visiox) to grant exclusive worldwide rights (except for India and Greater China) for the development and commercialisation of PDP-716 and SDN-037, SPARC said in a statement.
Dilip Shanghvi will continue to be SPARC's chairman and a non-executive director on the board.
Adrijit Goswami from IIT Kharagpur, who is heading the Pan India coordination of the programme, said the allocation would help in promoting virtual and e-learning.
Our advice would be to accumulate longs in the Nifty with the stop loss of 12100 levels, and any close above 12400 could push Nifty towards the targets of 12735.
"Abraxis Biosciences LLC has dismissed the patent infringement complaint filed against Sun Pharma Advanced Research Co Ltd regarding SPARC's New Drug Application for PICS (Paclitaxel Injection Concentrate for Suspension)," the company said in a regulatory fling.
Trends on SGX Nifty indicate a higher opening for the broader index in India, a gain of 41 points or 0.35 percent. Nifty futures were trading around 11,643-level on the Singaporean Exchange.
A positive opening is likely as Nifty Futures on Singaporean Exchange were trading 21.5 points higher. The futures traded around 10,897-odd levels.
On the higher end, the Nifty may move towards 11,000. On the other hand, support is pegged at 10,700
This collaboration will leverage Schrödinger's advanced computational platform and SPARC's extensive drug development expertise and insights in neuro-degeneration, the companies said in a joint statement.
PICS is a novel formulation of Paclitaxel developed using SPARC's proprietary Nanotecton technology.
Jewellery stocks, the likes of PC Jeweller and Titan Company which were up between 3-4 percent while ICICI Bank was the top gainer in the Nifty50 Index while SPARC plunged 11 percent intraday.
Anil Raghavan, CEO, SPARC, the results confirms that device is highly efficient and consistent in delivering more drug to the lungs and suitable for all classes of patients.
Bajaj Auto | Laurus Labs | M&M | Bhushan Steel | SPARC | Deccan Cement are stocks, which are in news today.
Shares of Sun Pharma Advanced Research Company, the subsidiary of healthcare major Sun Pharmaceutical, surged nearly 7 percent intraday Thursday after receiving complete response letter from the US health regulator for preservative-free eye drop.
The selling pressure continued for the seventh consecutive session today due to lack of positive triggers. The market may be factoring in the impact of demonetisation on December quarter earnings, December sales data and economic data that will be announced next month.
Mitesh Thacker of miteshthacker.com is of the view that one may buy Tata Steel and advises selling Infosys.
Rajat Bose of rajatkbose.com feels that Cadila Healthcare may test Rs 393.
Mitesh Thacker of miteshthacker.com advises buying Sun Pharma Advanced Research Company.
Sun Pharma Advanced Research Company Q4 reported a slight increase in its standalone net loss atat Rs 9.58 crore for the quarter to March 2016
Sharmila Joshi of sharmilajoshi.com is of the view that one may hold Sun Pharma Advanced Research Company.