Indoco Remedies surged 7.59% to Rs 238 after the drug maker said it received US drug regulator's approval for Apixaban tablets, used as blood thinner.
Indoco Remedies received an approval from the United States Food & Drug Administration (USFDA) for abbreviated new drug application (ANDA) for Apixaban tablets 2.5 mg and 5 mg. The products are therapeutically equivalent to the Reference Listed Drug 'Eliquis' of Bristol-Myers Squibb (BMS).
Apixaban is an anticoagulant, or blood thinner. It is used for patients with health problems caused by a blood clot. The US market size of Apixaban tablets is $11.037 billion as per IMS MAT June 2020 data. The announcement was made during trading hours today, 14 September 2020.
Indoco Remedies' consolidated net profit jumped 821.10% to Rs 17.04 crore on a 7.9% increase in net sales to Rs 266.80 crore in Q1 June 2020 over Q1 June 2019.
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries. The scrip surged 78.81% from its 52-week low of Rs 133.10 hit on 11 October 2019.
On the technical front, the stock's RSI (relative strength index) stood at 56.667. 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 moving average (DMA) placed at 225.67 and its 200-day moving average (DMA) placed at 213.63.
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