Glenmark Pharma stock corrects over 7% on profit-booking

Glenmark Pharmaceuticals share price corrected for the second consecutive session today, losing 7.2% intraday on BSE. The stock has fallen over 12% in the two-sessions. Glenmark Pharma share price touched an intraday low of Rs 450 against the previous close of Rs 484.90 on BSE. The stock opened at Rs 450 on BSE. Glenmark Pharma share stands trading higher than 5, 20, 50, 100 and 200-day moving averages.

The pharma stock has risen 15% in one week, 30% in one month and 32% since the beginning of the year. Market capitalisation of the firm fell to Rs 12,961 crore today.

Earlier, the stock had rallied over 35% intra day on Monday to Rs 552 after the pharma firm announced it received approval from the Drug Controller General of India (DGCI) for a potential Covid-19 drug Favipiravir (Fabiflu). The stock hit its 52-week high of Rs 572 on June 22, 2019, and 52 week low of Rs 168 on March 13, 2020.

The drug major has become the first Indian company to commercially launch an antiviral drug - Favipiravir with brand name FabiFlu - for the treatment of mild to moderate COVID-19 patients.

On June 22, Glenmark said it is conducting a large study involving 1,000 patients to prove the drug's efficacy in coronavirus treatment.

"We are not in a hurry to roll out and want to doubly ensure its safety and efficacy before big launch. We are conducting a 1,000 patient study across India and the results will be available in the next two--three weeks. Trial batch production was started last week and big rollout will happen depending on the results," a top level Glenmark executive told Business Today on condition of anonymity.

Glenmark Pharma share price closed 5.27% lower at Rs 459.35 today.

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