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SPARC recovers on bargain hunting

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Company rose 1.88% to Rs 373.60 at 9:49 on BSE, with the stock recovering on bargain hunting after yesterday's slide triggered by the outcome of Phase III study of Baclofen GRS.

Meanwhile, the S&P Sensex was up 87.01 points or 0.27% at 31,933.90. The S&P Mid-Cap index advanced 78.64 points or 0.5% at 15,912.77.

On the BSE, 53,000 shares were traded on the counter so far as against the average daily volumes of 1.45 lakh shares in the past one quarter. The stock had hit a high of Rs 377.80 and a low of Rs 369.80 so far during the day. The stock had hit a 52-week high of Rs 431 on 23 August 2017 and a 52-week low of Rs 273 on 30 May 2017.

The stock had underperformed the market over the past one month till 9 October 2017, sliding 0.87% compared with the Sensex's 0.5% rise. The stock had, however, outperformed the market over the past one quarter, advancing 20.74% as against the Sensex's 1.55% rise. The scrip had also outperformed the market over the past one year, gaining 15.04% as against the Sensex's 13.49% rise.

The mid-cap company has equity capital of Rs 24.69 crore. Face value per share is Rs 1.

Shares of Company (SPARC) had plunged 5.82% in a single trading session to settle at Rs 366.70 yesterday, 9 October 2017, after the company after market hours on 6 October 2017 announced the top-line results of the Phase III efficacy study for Baclofen GRS.

SPARC said that it did not meet the primary end points in the placebo controlled studies of Baclofen GRS in Phase III study. Baclofen GRS is a novel, once-a-day formulation developed by SPARC's proprietary Gastro-Retentive System (GRS) Technology. The GRS technology uses a combination of size expansion, adhesion and flotation techniques to permit once-a-day administration.

Anil Raghavan, CEO, SPARC said that the company is disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide its next steps.

SPARC reported net loss of Rs 78.84 crore in Q1 June 2017, higher than net loss of Rs 36.14 crore in Q1 June 2016. Net sales rose 8.9% to Rs 23.39 crore in Q1 June 2017 over Q1 June 2016.

SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 09:48 IST