Active Stocks
Thu Feb 29 2024 15:49:54
  1. Kotak Mahindra Bank share price
  2. 1,690.80 0.43%
  1. Axis Bank share price
  2. 1,075.70 0.10%
  1. Tata Steel share price
  2. 140.90 0.11%
  1. Power Grid Corporation Of India share price
  2. 282.55 1.07%
  1. ITC share price
  2. 406.50 -0.51%
Business News/ Markets / Stock Markets/  Wockhardt shares hit 52-week high, rally over 18%; here’s why

Wockhardt shares hit 52-week high, rally over 18%; here’s why

Wockhardt share price surged to a 52-week peak of ₹398.95 per share on the BSE on Monday.

Wockhardt Hospital at Mulund in Mumbai pic: Kedar BhatPremium
Wockhardt Hospital at Mulund in Mumbai pic: Kedar Bhat

Wockhardt's stocks surged to a 52-week peak of 398.95 per share on the Bombay Stock Exchange (BSE) on Monday following the pharmaceutical company's announcement of the successful conclusion of the phase 3 study for an antibiotic designed to treat pneumonia.

The stock experienced a remarkable upswing, surging by an impressive 18.87% to reach its highest point of the year, following Wockhardt's announcement of the successful completion of the Phase 3 study for its macrolide antibiotic, Nafithromycin WCK 4873. 

Nafithromycin, utilized in the treatment of pneumonia, has demonstrated both efficacy and safety for community use against resistant organisms, the company said in the exchange filing.

The pharmaceutical company announced that its compound Wockhardt NCE, designated as 'Nafithromycin' (WCK 4873), underwent a comprehensive evaluation in a multicenter, double-blind Phase 3 study focused on pneumonia. This study employed Moxifloxacin, a last-line respiratory antibiotic, for comparison.

The results from the Phase 3 study aligned with those of the Phase 2 study conducted in the United States and Europe, according to the company. The findings indicated that a brief three-day treatment with Nafithromycin was as effective as a seven-day regimen with Moxifloxacin.

Furthermore, the study revealed a notable characteristic of Nafithromycin—sustained high lung concentration over a period of five days, even after just three days of dosing. This insight was derived from a human lung penetration study conducted in the United States.

“Human Lung exposure of Nafithromycin is 8 times higher than Azithromycin and potency being 10-100 times higher for certain respiratory pathogens," said Wockhardt in an official release.

Wockhardt boasts a market capitalization of 5,619 crore, with its shares delivering noteworthy returns of 76% year-to-date. Notably, the stock has surged by a remarkable 62.6% in the past month.

Wockhardt share price has also shown a remarkable gain of 115.25% in the last six months on NSE.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 11 Dec 2023, 04:23 PM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App