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Suven Life recovers on bargain hunting

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Suven Life Sciences gained 2.91% to Rs 272.40 on bargain hunting after yesterday's steep slide.

Shares of Suven Life Sciences crashed 15.91% to settle at Rs 264.70 yesterday, 2 December 2019 after the company said that its key molecule SUVN-502 (Masupirdine), meant for treatment of Alzheimer, did not meet the pre-specified primary endpoint.

As part of the study, Suven Life tested the drug as a unique triple combination with Donepezil and Memantine on 564 Alzheimer's Disease (AD) patients in the US for at least one year. The trial compared the efficacy and safety of two doses of Masupirdine (50 mg and 100 mg per day) to placebo in moderate AD patients.

Triple therapy of Masupirdine (SUVN-502) with Donepezil and Memantine proof of concept phase 2 study missed its pre-specified primary endpoint. The announcement was made on Saturday, 30 November 2019.

Meanwhile, the S&P BSE Sensex was down 204 points or 0.50% to 40,598.24.

In the past one month, shares of Suven Life Sciences fell 3.52% to its current market price of Rs 272.40, underperforming the Nifty Pharma index's 1.39% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 40.681. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 285.81, but above its 200 DMA placed at Rs 262.76.

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

First Published: Tue, December 03 2019. 12:36 IST