WOCKHARDT SHARE NEWS: PHARMA STOCK SPURTS 30% IN 2 DAYS - HERE'S WHY

Wockhardt Share Price: Shares of pharmaceutical company Wockhardt have skyrocketed over 30 per cent in just two days. Volumes at its counter have also seen a major spurt in the two sessions.

On Tuesday, July 2, the pharma stock jumped 8.88 per cent to hit a new 52-week high of Rs 897.10 apiece on NSE. The stock on Monday, July 1 shot up 20 per cent to hit the upper circuit.

Around the time of filing this report, the stock's last traded price was Rs 858.05 apiece, up 4.14 per cent. So far over 41.4 lakh shares have changed hands on the counter. On Monday, July 1, the counter saw 62,33,251 shares changed hands.

Why is Wockhardt share rising?

The sharp rally in Wockhardt's shares came after the company announced that its investigational antibiotic, Zaynich, was successfully used to treat a cancer patient in the United States (US), who had chronic bilateral thigh infection caused by an extreme-drug resistant pseudomonas.

This marked the first instance in the US, where Zaynich had been used to combat a complex infection caused by extreme-drug-resistant pseudomonas, the company said.

Zaynich - Details of Wockhardt's life-saving drug

Giving details, the company said, a young immune-compromised cancer patient, who had been hospitalised for nearly nine months at Children’s Hospital of Orange County, University of California Irvine School of Medicine was successfully treated with four weeks of Zaynich (Zidebactam/Cefepime- WCK 5222) for chronic thigh infection under compassionate use, enabling doctors to resume chemotherapy.

"Till recently, the patient was in severe pain and faced mobility challenges and pressure ulcers at various areas of skin with inflammation. The infecting pathogen was a metallo-β-lactamase-harbouring Pseudomonas aeruginosa, which is one of the toughest resistance mechanisms known. After 2 weeks of Zaynich (Zidebactam/Cefepime- WCK 5222) treatment, the thigh wound beds started looking healthy with diminished bacterial load, and xenograft placement could be undertaken. Eventually, the abdominal wound completely healed and bilateral thigh wounds fully incorporated the graft. After 4 weeks of Zaynich treatment, since the wounds appeared healed, no cultures were taken. Zaynich (Zidebactam/Cefepime- WCK 5222) was well-tolerated by the patient during the 4-week treatment," Wockhardt's press release stated.

Wockhardt Share Price Startegy

"The anticipated rise in cancer-related deaths to about 12 per of total deaths by 2030 underscores the significance of launching this drug and would definitely impact the financials of the company," said T Manish, research analyst at SAMCO Securities, as reported by The Economic Times (ET).

"In this backdrop, the uptrend seen recently is sustainable in the long-term."

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-07-02T09:34:48Z dg43tfdfdgfd