Wockhardt Shares Extend Gains — Here's Why The Stock Has Been Rising
The sharp rally in Wockhardt shares come on the back of Monday's development, as the company confirmed USFDA approval for Zaynich antibiotic.
After a stellar rally on Monday, shares of Wockhardt Ltd. have once again risen in trade on Tuesday and is trading with gains of up to 5%.
The stock is currently trading at Rs 1,546, reaching an intraday high of Rs. This compares to Monday's closing price of Rs 1,472, as the positive momentum in the stock continues.
This rally serves as a major relief for a stock that has given largely flattish return on a year-to-date basis.
Why Is Wockhardt Gaining?
The sharp rally in Wockhardt shares come on the back of Monday's development, as the company confirmed USFDA approval for Zaynich antibiotic.
The approval from USFDA marks a pivotal moment not just for Wockhardt but for Indian pharma, as it highlights the ability of Indian pharma companies to innovate.
In addition to granting approval, the FDA has also granted Zaynich a fast-track status - an expedited review process that is typically reserved for drugs that show promise in treating serious conditions and addressing unmet medical needs.
Zaynich is a combination drug that merges two components. During clinical trails, the drug has shown 97% efficacy against serious carbapenem-resistant infections, considered among the hardest to treat.
In addition, Zaynich has been already used under compassionate use for critically ill patients in India and the US.
This approval from the USFDA may open up significant market opportunities for Wockhardt in the United States, one of the biggest pharmaceutical markets in the world, with Wockhardt now positioning itself as an innovator.
