Mumbai-based pharmaceutical company Wockhardt rallied into the green realms. The company shares surged to hit the upper circuit in the intraday trade session on Friday, October 11. This came to pass after reports of the progress of a pneumonia drug.
Wockhardt's Pneumonia Drug
The drug in question is Nafithromycin (WCK 4873).
Earlier, in an exchange filing on October 7, the company said, "Pursuant to Regulation 30 of Listing Regulations, please find enclosed Press Release - “Wockhardt's another breakthrough antibiotic: once-a-day β-lactam enhancer, WCK 6777 (Ertapenem/Zidebactam) with unique out-patient treatment advantage granted Fast Track designation by US FDA and successfully completes Phase I study conducted by National Institutes of Health, US”.
Furthermore, the company added, "Wockhardt is advancing the development of several new antibiotics aimed at combating difficult-to-treat drug-resistant bacterial infections that drive anti-microbial resistance (AMR) linked mortality and morbidity. Recently, one of its unique once-a-day, β-lactam enhancer-based MDR-active antibiotic, WCK 6777 (Ertapenem/Zidebactam) has successfully completed a Phase I study conducted by the Division of Microbiology and Infectious Diseases (DMID) at the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH) in US.
Wockhardt Shares On Fire
When we take a look at the company shares, the Wockhardt Ltd. shares listed on the National Stock Exchange or NSE, opened and hit the upper circuit as investors poured in, showing support for the company and its new drug.
To elude any untoward situation of any manipulation trading on the stock has been halted for now, as the gains in the day reached the 5.00 per cent mark. It gained a total of Rs 47.45 in value. This took the overall value of the shares to Rs 996.75.
Although the company shares have seen a decline of 0.37 per cent in the past month, in the previous 5 trading sessions, the pharma company with subsidiaries in the US gained 2.76 per cent or Rs 26.75. This figure is far lower than its 52-week high count of Rs 1,097.70 per share.
