Sun Pharma hits 52-week high on USFDA approval, good Q1 results

Sun Pharm hit a 52-week high of Rs 618, up 3%, extending its Tuesday's 7% rally on the BSE.

Shares of Sun Pharmaceutical Industries hit its 52-week high of Rs 618, up 3% on the BSE in intra-day trade on Thursday, after the company announced that it has received approval for CEQUA from the U.S. Food and Drug Administration (FDA).

CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye).

CEQUA (cyclosporine ophthalmic solution) 0.09%, for topical ophthalmic use will be commercialized in the U.S. by Sun Ophthalmics, the branded ophthalmics division of Sun Pharma’s wholly owned subsidiary.

Meanwhile, an analyst at SBICAP Securities maintain ‘buy’ rating on the stock with 12-month