Gland Pharma Shares Jump Over 8% After U.S. FDA Approves Drug Application
Fomepizole injection is an antidote for ethylene glycol such as antifreeze, or methanol poisoning.
Shares of Gland Pharma Ltd. rose on Monday after the U.S. drug regulator approved drug application for an injectable.
The U.S. Food and Drug Administration approved the company's abbreviated new drug application for Fomepizole injectable.
Fomepizole injection is an antidote for ethylene glycol such as antifreeze, or methanol poisoning.
Shares of the company surged 8.57%, the most in a month, before trading 6.20% higher at 9:59 a.m. This compares to a 0.37% advance in the Nifty 50.
The total traded quantity so far in the day stood at 7.4 times the 30-day average volume. The stock's relative strength index stands at 63.28, indicating that it is neither overbought nor oversold.
Of the 19 analysts tracking the stock, seven maintain a 'buy', three recommend a 'hold', and nine suggests a 'sell', according to Bloomberg data. The consensus price estimate indicates a 11.3% upside over the next 12 months.
