Caplin Point Jumps 19%, Hits Record Level; share climbs 37% in seven days

Shares of Caplin Point Laboratories hit a record high of Rs 944 as they rose 19% on BSE in intraday trading on Monday in an otherwise subdued market. At 12:56 p.m., the pharmaceutical company’s stock was trading 18 percent higher at Rs 935 following a 10-fold jump in trading volumes. At the same time, the S&P BSE Sensex was trading at 52,980 points.

A total of 5.8 million shares, representing 7.6 percent of the total capital of Caplin Point Laboratories, had changed hands on NSE and ESB so far.

Over the past seven trading days, Caplin Point Laboratories’ share price has jumped 37% after its subsidiary Caplin Steriles received approval from the US health regulator for the generic injection of Sumatriptan used for the drug. acute treatment of migraine and cluster headache.

Caplin Steriles has received final approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Sumatriptan Injection USP, 6 mg / 0.5 mL single dose vials (12 mg / mL). The product is a generic therapeutic equivalent version of (RLD), IMITREX Injection, from GlaxoSmithKline, United States, ”Caplin Point Laboratories said in a press release.

Sumatriptan Injection USP is indicated in adults for the acute treatment of migraine with or without aura and the acute treatment of cluster headache. Sumatriptan Injection had US sales data of approximately $ 5 million for the 12-month period ending March 2021, for the vial presentation, according to IQVIATM (IMS Health).

Caplin Point Laboratories is a fast growing pharmaceutical company with a unique business model that primarily targets emerging markets in Latin America and Africa. The company’s subsidiary, Caplin Steriles, addresses the regulated markets for injectable and ophthalmic products.

Caplin had shown strong results at T4FY21 and FY21. After having scripted a unique story by developing in unexplored territories, he now plans to develop in known markets. “These new markets in South America and the United States represent a great opportunity but face new challenges. That said, we continue to believe in Caplin’s ability to replicate the success story in new markets. Second, despite a likely decline in margins, yield ratios due to the phase of investing in new markets, these impressions continue to demonstrate earnings and balance sheet strength, ”ICICI Securities analysts said in the statement. March quarter results update.

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