Sun Pharmaceutical Industries shares climbed to a 52-week high on Wednesday after the company received regulatory approval to manufacture and market a generic version of semaglutide injection in South Africa.
Sun Pharmaceutical Industries opened at Rs 1,955 and climbed to an intraday high of Rs 1,960 at 10:37 am, indicating a positive start to the session. The stock rose 13.33% in the last 12 months and 13.89% year-to-date.
The stock hit 52-week high after the company receives approval to manufacture and market generic semaglutide in South Africa. The South African Health Products Regulatory Authority has approved the drug for treating adults with inadequately controlled type 2 diabetes mellitus, alongside diet and exercise.
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Sun Pharma said it plans to launch the product in South Africa in the coming days. The medicine will be available as a pre-filled, multi-dose injectable pen in two strengths — 2 mg/1.5 mL and 4 mg/3 mL which allowed flexible, once-weekly dosing. South Africa is the second market after India where the Mumbai-based pharmaceutical company has received approval for generic semaglutide.
Semaglutide belongs to the glucagon-like peptide-1, or GLP-1, class of medicines. These drugs help manage blood glucose levels and have attracted considerable interest globally amid rising demand for diabetes and weight-management treatments.
Sun Pharma Share Price Intraday
Shares of Sun Pharmaceutical Industries Ltd. rose marginally 0.90% on Wednesday with the stock trading Rs 1,955 apiece at 11:05 am. Total traded volume so far in the day stood at 2.21 times its 30-day average. The relative strength index was at 61.54.
Out of 40 analysts tracking the company, 36 maintain a 'buy' rating, one maintain a "hold", and three maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 2070.77 implies an upside of 5.7%
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