Strides Pharma share price jumps 7% on US FDA nod for Ursodiol tablets

Strides Pharma Science share price jumped over 7 percent intraday on August 21 after the company received US FDA approval for Ursodiol tablets.

Strides Pharma Science Limited on August 21 announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Ursodiol Tablets USP, 250 mg and 500 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Urso 250® Tablets, 250 mg and Urso Forte Tablets®, 500 mg, of Allergan Sales, LLC, the company said in an exchange filing.

According to IQVIA MAT June 2020 data, the US market for Ursodiol Tablets USP, 250 mg and 500 mg is approximately USD 35 million. The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market, it said.

The stock price has gained 42 percent in the last 1 months and was trading at Rs 608.80, up Rs 40.55, or 7.14 percent. It has touched an intraday high of Rs 612.30 and an intraday low of Rs 568.70.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock showing strong momentum: Price above short, medium and long term moving averages with the company showing decreasing promoter pledge.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.