Glenmark Pharma Hits Record High After Launch Of Eye Allergy Drug In US
The eye allergy drug aims to compete with Pataday Twice Daily Relief, which has seen annual sales of approximately $26.4 million, according to Nielsen data
Shares of Glenmark Pharmaceuticals Ltd. rose to a record high on Monday after its unit launched a new eye allergy drug in the US.
Glenmark Therapeutics Inc., USA, has introduced Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC) in the American market. This eye allergy drug aims to compete with Pataday Twice Daily Relief, which has seen annual sales of approximately $26.4 million, according to Nielsen data, the company informed in an exchange filing.
Fabio Moreno, head of OTC Sales & Marketing at Glenmark Pharmaceuticals Inc., highlighted the launch as a significant step in meeting the increasing demand for new options in this category.
Shares of the company rose as much as 4.51% to 1,636.40 apiece reaching all time high. It pared gains to trade 4.37% higher at Rs 1,634.25 apiece, as of 12:20 p.m. This compares to a 0.40% advance in the NSE Nifty 50 Index.
The stock has risen 113.72% in the last 12 months and 91.74% year-to-date. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 81, signalling the stock is overbought.
Out of 12 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold,' and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 4.8%.
