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Suven Life Sciences nears record high; stock surges 30% in one week

The stock hit a 52-week high of Rs 338, rallied 88% in past four months, trading close to its record high of Rs 339 touched on April 15, 2015 on the BSE.

SI Reporter  |  Mumbai 

Suven

Shares of hit a 52-week high of Rs 338, up 6%, gaining 30% in past one week on the in an otherwise weak market. In comparison, the S&P Sensex has lost 0.58% during the period.

The stock of pharmaceutical company has zoomed 88% in past four months from Rs 180, against 7% rise in the benchmark index. It was trading close to its of Rs 339 recorded on April 15, 2015 on the

The counter has seen huge trading volumes with a combined 1.52 million equity shares changed hands on the and BSE in first half-an-hour of trade.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products. During the month of August 2018, the company announced that the grant of one product patent each from China, Eurasia and Canada and one process patent from USA corresponding to the New Chemical Entity for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034.

has been focusing on developing capabilities in the New Drug Delivery Systems (NDDS) space. The company has a commercialized molecule in Malathion, which is licensed to Taro for marketing. The company intends to file 2-3 ANDAs annually. It has already filed two ANDAs YTD FY19. The move to develop NDDS capabilities dovetails with its broader strategy to eventually offer end-to-end CDMO (Contract Development and Manufacturing operations) solutions and more value-add to innovators,” analysts at Emkay Global Financial Services said in event update.

Starting from FY20, expects the formulations business to start contributing to overall earnings growth. The company plans to file about 2-3 ANDAs every year. YTD FY19, SVLS has already filed two ANDAs, it added. The stock, however, is trading above brokerage 12-month target price of Rs 300 per share.


First Published: Tue, September 11 2018. 09:58 IST
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