Wockhardt shares jump 4% despite the stock market crash after an update on antibiotic Zaynich. Check details
Wockhardt's share price rose 4 per cent in intraday trade on the BSE on January 13, despite weak market sentiment, after announcing over 97 per cent efficacy of its antibiotic Zaynich against resistant infections. The stock has surged nearly 210 per cent in the past year.
Wockhardt share price jumped as much as 4 per cent in early trade on Monday, January 13, defying weak market sentiment. Wockhardt shares opened at ₹1,375.05 against their previous close of ₹1,386.95 and soon jumped 4 per cent to the level of ₹1,441.95. However, they pared some gains; around 10:50 AM, the stock traded 2.90 per cent up at ₹1,427 on the BSE.
What drove Wockhardt share price today?
Wockhardt share price jumped in a weak market after it announced through an exchange filing that a life-saving antibiotic developed by it achieves over 97 per cent efficacy in clinical studies for serious infections caused by meropenem-resistant gram-negative pathogens.
"In a ground-breaking clinical study, Zaynich (Zidebactam/Cefepime, WCK 5222) demonstrated over 97 per cent clinical efficacy in treating seriously ill patients with infections caused by carbapenem-resistant (including meropenem-resistant) gram-negative pathogens," Wockhardt said in an exchange filing on Monday, January 13.
"The overall clinical efficacy of Zaynich across indications was 98 per cent at the test-of-cure (TOC), which was 7-10 days after completion of treatment, while it was 100 per cent for bloodstream infections (BSI), hospital-acquired bacterial pneumonia (HABP) or ventilator-associated bacterial pneumonia (VABP) and complicated intra-abdominal infections (cIAI) and 97.3 per cent for complicated urinary tract infections (cUTI). Notably, Zaynich also demonstrated high pathogen eradication rates (microbiological cure), including tougher-to-treat HABP/VABP (91 per cent) and BSI patients (100 per cent)," the company said.
In June last year, Wockhardt revealed its plans to launch its novel antibiotic drug, Zaynich (WCK 5222), in India by the end of 2024-25, followed by a global launch in 2025-26.
According to media reports, Wockhardt anticipates no competition for this drug globally for at least the next 15 years, as no similar drugs are currently in research pipelines. The reports estimate the global total addressable market for antibiotics at approximately $25 billion.
According to Wockhardt's exchange filing, it is the only company in the world for which the USFDA has granted QIDP status (qualified infectious disease product) for six of its antibacterial discovery programs—three of them are gram-negative and three gram-positive and effective against untreatable superbugs.
Wockhardt has a significant presence in the USA, Europe, and India, and 79 per cent of its global revenues come from international businesses.
Wockhardt share price trend
Wockhardt stock has given multibagger returns over the last year. Considering Monday's high of ₹1,441.95, the stock has surged nearly 210 per cent over the last year.
It hit its 52-week high of ₹1,580 on January 3 this year. On January 18 last year, the stock hit a 52-week low of ₹402.85.
On a monthly scale, the stock gained over 23 per cent in October, over 16 per cent in November and nearly 1 per cent in December last year despite weak stock market sentiment. The stock is flat for the month of January so far.
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