Shares of Sequent Scientific Ltd. jumped over 11% to a two-year high on Tuesday after winning pre-qualification approval from the World Health Organization for an active pharmaceutical ingredient to treat parasite infection.
The pharmaceutical company won approval in partnership with Mepro Pharmaceuticals Pvt., it said in an exchange filing on Monday.
Mepro Pharmaceuticals developed and commercialised the Albendazole chewable formulation from its WHO-pre-qualified plant using Sequent Scientific's active pharmaceutical ingredient. The WHO's approval of the chewable solution is one of a kind, according to the exchange filing.
Albendazole is used to treat parasite infections from taperworm, hookworm, and roundworm infections, which affect millions globally.
Shares of Sequent Scientific surged 11.12% to Rs 175.00, the highest level since Jan. 21, 2022. It pared gains to trade 7.31% higher at Rs 169.37 as of 10:09 a.m., compared to 0.53% advance in the NSE Nifty 50 index.
The stock has gained 89.78% in 12 months and 48.03% on year to date basis. Total traded volume so far in the day stood at 25 times its 30-day average. The relative strength index was at 72.75, which implied the stock is overbought.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.6%
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