Shares of Natco Pharma jumped nearly 3%, the most in this week so far. Trading volume is thrice the 30-day average. A dividend of Rs 3.5 is payable on August 30 and the stock will trade ex-dividend on Friday.
- The rise comes after the company announced that U.S. FDA granted tentative approval to its Abbreviated New Drug Application (ANDA) for Trabectedin for injection (generic for Yondelis*) for 1 mg/vial presentation.
- The drug is used in chemotherapy medication for treatment of advanced soft-tissue sarcoma and ovarian cancer.
- According to industry sales data, Yondelis generated annual sales of $49.7 million for twelve months ending June 2022 in the U.S. market.
- Of the 15 analysts tracking the company, six maintain ‘buy’, seven recommend ‘hold’ and two suggest ‘hold’. The return potential on the stock is 14.9%.
Source: Exchange filing, Bloomberg
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