AstraZeneca Pharma Surges After Cancer Treatment Drug Approval in India
AstraZeneca Pharma has achieved a significant milestone with the recent approval for the import and sale of a groundbreaking cancer treatment drug in India. This news sent the company’s shares soaring, marking a remarkable performance in an often turbulent market.
Recent Share Performance
Following the announcement of the approval, AstraZeneca’s stock skyrocketed by more than 12%, reaching a record high of Rs 7580.00 on the Bombay Stock Exchange (BSE). During intraday trading, shares reached an impressive peak of Rs 7595.00, reflecting a gain of 12.58%. This surge surpasses the previous record high of Rs 7,550.00 set in July, demonstrating the company’s strong market performance.
Details of the Newly Approved Drug
The drug approved by the Central Drugs Standard Control Organization (CDSCO) of the Directorate General of Health Services is Durvalumab, available in two concentrations: 120 mg/2.4 mL and 500 mg/10 mL. This drug is specifically intended for the treatment of certain types of cancer in adults, significantly expanding treatment options available to patients in India. The approval was made public on September 23, following the close of the equity market.
Stock Movement Overview
| Date | Price (Rs) | Change (%) |
|---|---|---|
| 21 March 2024 | 4,050.15 | – |
| 4 July 2024 | 7,550.00 | 86% increase from yearly low |
| 24 September 2024 | 7,595.00 | 12.46% increase from previous day |
Yearly Overview
In less than four months, AstraZeneca’s stock price increased by over 86%, demonstrating a strong recovery from its one-year low of Rs 4,050.15 recorded in March 2024. This sharp rise not only speaks to the company’s market resilience but also highlights the growing demand for innovative cancer therapies. Overall, AstraZeneca has shown approximately a 37% increase in stock value throughout this year.
Conclusion and Disclaimer
This recent approval marks a significant achievement for AstraZeneca, showcasing its commitment to advancing cancer treatment solutions in India. However, potential investors should remain cautious, as investing in financial markets carries inherent risks. It’s always advisable to seek expert advice before making investment decisions. The information provided is purely for informational purposes and should not be construed as financial advice.
