Glenmark Pharma at 25% UC

Glenmark Pharma as expected is a huge newsmaker today on the bourses. The stock, which had closed on Friday at Rs.409.10, opened at Rs.450 and immediately hit the 25% UC of the day at Rs.511.35. Over 9 lakh pending buy bids were seen. Its currently not too far from its 52-week high of Rs.517.70, which, if th same trend continues will surely be surpassed tomorrow.

The company on Saturday became the first Indian company to get approval for manufacture and marketing of Favipiravir for the treatment of mild-to-moderate symptoms of Covid.

If the drug does indeed start showing results, shows that it can indeed cure the initial stages of Covid, Glenmark will have the first mover advantage, especially now with the country recording record high cases every day.

2050 patients already administered Favipiravir in Japan for clinical use and high recovery rates have been observed at both 7 and 14 days of therapy in both mild and moderate patients.