Suven Life jumps as phase 2 data of Alzheimer's drug to be released soon

Suven Life Sciences soared 5.89% to Rs 311.95 on reports the company will release the phase 2 data of its Alzheimer's drug, in a week.

The company's chairman & CEO Venkat Jasti told the media that the phase 2 data for SUVN 502, a drug for Alzheimer's disease, will be out in a week. No new drug to treat the mind-robbing disease has been discovered since 2003, Jasti reportedly added.

Meanwhile, the S&P BSE Sensex was down 211 points or 0.52% to 40,364.61.

The stock was trading in a range of Rs 292.35 to Rs 314.50 so far during the day. In the past one month, shares of Suven Life Sciences rose 8.71% to its current market price of Rs 311.95, outperforming the Nifty Pharma index's 3.99% rise in the same period.

Suven Life Sciences' consolidated net profit surged 1,535.90% to Rs 63.31 crore on 206.4% surge in net sales to Rs 274.31 crore in Q2 September 2019 over Q2 September 2018.

Suven Life Sciences is engaged in the business of manufacture and sale of bulk drugs and intermediaries.

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