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Shares of pharma company JB Chemicals and Pharmaceuticals saw a sharp rise on Wednesday. The company’s stock rose nearly 8% to Rs. 2871 has been reached. This is a new 52-week high for shares of JB Chemicals & Pharmaceuticals. The rally in the pharma company’s shares came after the US drug regulator USFDA gave a major nod. Shares of JB Chemicals hit a 52-week low of Rs. is 1604.35.
A generic version was approved
The USFDA has approved JB Chemicals & Pharmaceuticals to manufacture a generic version of Pfizer’s Sinequan. JB Chemicals has received approval to manufacture 10mg, 25mg, 50mg and 100mg capsules. This drug is used in the treatment of anxiety, depression and other symptoms of psychoneurosis. JB Chemicals will manufacture the drug at its formulation manufacturing plant in Panoli, Gujarat. Estimated annual sales of doxepin hydrochloride capsules in the United States are $23.90 million.
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The company’s shares have risen 3300% in 10 years
Shares of JB Chemicals & Pharmaceuticals have seen a decent rise in the last 10 years. The company’s shares traded on the Bombay Stock Exchange (BSE) on August 23, 2013 at Rs. 81.50, which on August 23, 2023 on BSE was Rs. reached 2871. Shares of JB Chemicals have increased by 3352% in the last 10 years. At the same time, over the past 5 years, the pharma company’s stock has jumped 753%.
Disclaimer: The information provided here is only about stock performance and does not constitute investment advice. Investing in the stock market is subject to risk and you should consult your advisor before investing.