This pharma stk gained 152% in 1 mth on getting license to manufacture HCQ

Morepen Laboratories was locked in upper circuit for the third straight trading day, up 10% at Rs 19.43 on the BSE.

Shares of Morepen Laboratories were locked in upper circuit for the third straight trading day, up 10 per cent at Rs 19.43 on the BSE on Thursday as the company has received license to manufacture Hydroxychloroquine (HCQ). HCQ is a drug usually used to treat malaria patients but is also being found useful in treatment of coronavirus (COVID-19) patients.

The stock has rallied 33 per cent in the past three trading days, zooming 152 per cent in the past one month. It had closed at a multi-year low of Rs 7.71 on March 23, 2020. The stock touched a 52-week high level of Rs 24 in September 2019.

Till 10:53 am, a combined 590,671 shares changed hands and there were pending buy orders for 3.4 million shares on the NSE and BSE so far.

“The company has launched a wide range of essential products being required to combat the growing menace of COVID’19 and to prevent further spread of this disease in the country. These include non-contact infrared thermometers, alcohol-based hand sanitizers, hand wash, hand rubs and face masks, all under its umbrella brand — Dr. Morepen,” Morepen Labs said in a press release on Monday, April 20, 2020.

The company further said it has also received license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller, (HP) last week for its Baddi plant in Himachal Pradesh and is working to commercialize the production of HCQ in both API as well as tablets form.

HCQ is a prescription-based drug commonly being recommended to Corona patients under treatment for the disease. India is taking a lead in supplying HCQ to the rest of the world, including USA. India is the largest producer of HCQ and will continue to retain its leadership position in this time of crisis, it added.