WOCKHARDT SHARE PRICE SKYROCKETS 75% IN A 12-SESSION RALLY. HERE’S WHAT FUELLING THE STOCK PRICE
Wockhardt shares extended their rally for the twelfth consecutive day, surging nearly 12% on Thursday to reach a fresh 52-week high of ₹993.35 apiece on the BSE. Over the past 12 days, Wockhardt shares have skyrocketed by more than 75%.
The bullish momentum in Wockhardt shares comes on the back of successful use of its investigational antibiotic Zaynich to treat a cancer patient in the US.
On June 28, Wockhardt announced that a young immune-compromised cancer patient, who has been hospitalized for nearly 9 months at Children's Hospital of Orange County, University of California Irvine School of Medicine was successfully treated with 4 weeks of Zaynich (Zidebactam/Cefepime- WCK 5222) for chronic thigh infection under compassionate use, enabling doctors to resume chemotherapy.
It added that the hospital sought the access to Zaynich under a provision termed as ‘Expanded Access IND’ granted by the US FDA.
This case marks the first instance in the US where Zaynich (Zidebactam/Cefepime- WCK 5222) has been employed to combat a complex infection caused by extreme-drug resistant Pseudomonas, Wockhardt said.
Zaynich is currently undergoing a multi-national Phase 3 study which is expected to support its registration/marketing authorization globally.
According to reports, Wockhardt may launch Zaynich at a steep discount in the beginning of next financial year.
Earlier this year, the pharma company had raised ₹480 crore through a qualified institutional placement (QIP) issue for Zaynich's phase 3 trials. Wockhardt QIP saw investments from a pool of marquee names like funds managed by ace investors Madhusudan Kela and Prashant Jain.
Wockhardt share price has given multibagger returns of more than 118% year-to-date (YTD). In the past one year, Wockhardt shares have surged over 283%.
At 10:25 am, Wockhardt shares were trading 3.90% higher at ₹922.05 apiece on the BSE.
2024-07-04T05:26:36Z dg43tfdfdgfd