Alembic Pharmaceuticals Ltd. extended intraday gains on Monday after it received tentative approval from the US Food and Drug Administration for tablets to treat chronic leukemia.
The pharma company has received approval for Abbreviated New Drug Application, Bosutinib Tablets, 100 milligram and 500 milligram, according to an exchange filing on Monday.
Bosutinib tablets treat certain kinds of leukaemias, like Philadelphia chromosome-positive and chronic myelogenous leukaemia, the exchange filing said. The drug has an estimated market size of $275 million as of March, Alembic Pharma said, citing IQVIA, a consulting and information firm.
The drug is 'therapeutically equivalent' to Bosulif Tablets, 100 mg and 500 mg, a reference listed drug by PF Prism C.V., a company related to Pfizer Inc.
Shares of Alembic Pharmaceuticals rose as much as 4.93% to 919.85, the highest level since June 26. It was trading 4.05% higher at Rs 912.10 as of 11:50 a.m., compared to 0.44% advance in the NSE Nifty 50 index.
The stock gained 45.74% in 12 months and 20.1% on year to date basis. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 51.61.
Out of 18 analysts tracking the company, six maintain a 'buy' rating, six recommend a 'hold,' and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.8%.
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