Strides Pharma share price hits 52-week high as USFDA grants tentative nod for HIV treatment drug
₹488 apiece on BSE, and touched intraday high of ₹522.20. According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, Strides Pharma Science Limited share price has experienced a significant increase in both price and trading volume, breaking through a key resistance level at 490 with an Bullish gap, which suggests a up trend. It is possible that prices can continue to rise in the short term, with a potential resistance level at 560.
Furthermore, the previous resistance level at 490 is now expected to serve as a support level. In its exchange filing, the company stated that the USFDA has given its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, a tentative approval for Dolutegravir 50mg tablets.
The drug class known as antiretrovirals includes dolutegravir tablets. For individuals who are new to treatment, this drug serves as the first line of antiretroviral therapy (ART). It functions by limiting the virus' ability to multiply within human cells.
“The products will be manufactured at the company’s facility in Bengaluru. The conversion of this tentative approval to a full approval is expected upon expiry of the constraining patents. The PEPFAR tentative approval for Strides qualifies the Company to participate in global donor funded programs that procure this lifesaving medicine and it is supplied in 126 countries.
As of full year 2022, donor procurement for Dolutegravir 50mg tablet is estimated at a value of ~35mn USD. This produc further strengthens the available offerings in HIV treatment from Strides,"the company said in an exchange filing. Also Read: TCS, Tech Mahindra, Persistent Systems among top bets as IT stocks surge 22-92% from their 52-week lows Get the
. Read more on livemint.com
