Morepen Laboratories jumped 11.98% to Rs 58.90, extending gains for the third consecutive session.
Shares of Morepen Laboratories have surged 17.33% in three consecutive sessions from their recent closing low of Rs 50.20 on 1 December 2021.On a year-to-date (YTD) basis, the stock has zoomed 77.78% while the benchmark Sensex has added 26.80% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 86.25. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 52.26, 50.53 and 50.87, respectively.
On 3 December 2021, Morepen Laboratories announced that it received US drug regulator's approval for its anti-allergy drug Fexofinadine Hydrochloride that is sold in India under the popular brand name Allegra, among others. It is the blockbuster drug of Sanofi Aventis, France.
Fexofinadine is most widely used, second generation antihistamine drug for the treatment of allergy symptoms and hay fever.
The company has tied-up for regular supplies of Fexofinadine to one of its top US customers, with which the company has long standing relations lasting over two decades. The company has already supplied validation quantities and the regular commercial supplies would start after approval of validation batches. Fexofinadine is a very established anti-allergy drug with a market size of around 700MT and expected to give immediate impetus to company's export business.
Morepen Laboratories is a pharmaceutical and healthcare products company. It is a leading manufacturer of high-quality APIs, home diagnostics, formulations and OTC products in north India.
The company's consolidated net profit rose 37.50% to Rs 37.36 crore on a 17.51% increase in net sales to Rs 395.31 crore in Q2 FY22 over Q2 FY21.
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