Glenmark Pharmaceuticals share price rises on US FDA nod for generic version of skin treatment drug
The Glenmark Pharmaceuticals share price surged up to 3.89% to 591.80 compared to the previous close of 569.65 in trade today.
The Glenmark Pharmaceuticals share price rose in trade today after the firm said it has received final approval from the US health regulator for its generic version of clobetasol propionate foam, a steroid used to treat inflammation and itching of skin. The Glenmark Pharmaceuticals share price surged up to 3.89% to 591.80 compared to the previous close of 569.65 in trade today.
The Glenmark Pharmaceuticals share price has risen 10.17% during the last one year but lost 16.96% since the beginning of this year.
5 of 18 brokerages rate the stock "buy" or 'outperform', 19 "hold", three "underperform" and one "sell", according to analysts' recommendations tracked by Reuters
The Glenmark Pharmaceuticals share price was trading below its 50-day and 200-day moving averages of 645.81 and 640.69 levels, respectively.
The approval has been granted by the United States Food and Drug Administration (USFDA) to Glenmark Pharmaceuticals, US, for clobetasol propionate foam, 0.05 per cent, a generic version of Olux Foam, 0.05 per cent, of Mylan Pharmaceuticals, the company said.
Citing IQVIA sales data, Glenmark said, Olux foam 0.05 per cent achieved annual sales of approximately USD 50.9 million in the 12-month period ended December 2018.
The company said its current portfolio consists of 150 products authorised for distribution in the US and 52 ANDA's pending approval with the USFDA.