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SPARC shares advance after stock nearly halves in a 14-day losing streak
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
During the 14-day losing streak, shares of SPARC had declined by 49%.
Shares of Sun Pharma Advanced Research Company (SPARC) Ltd. snapped a 14-day losing streak, to gain as much as 4% on Thursday.
In the 14-day losing streak, the stock was locked in a lower circuit of 5% in 13 of them.
Shares had opened lower on Thursday as well before recovering the losses to trade higher. During the 14-day losing streak, the stock had declined by 49%.
Shares of SPARC were on a losing spree after the planned interim analysis of the PROSEEK study of Vodobatinib in patients with early Parkinsons’ disease did not show evidence of treatment benefits. As a result, the company decided to close the study.
The estimated peak sales of Vodabatinib for Parkinson’s disease at as much as $5 billion.
With a cash balance of $20 million, SPARC is not in the process of raising any further equity and the management will look at its cost structure for cost cutting, the management said in an analyst call.
As of 11:50 AM, based on the data available on the exchanges, SPARC had around 4.3 lakh buy orders and 6.7 lakh sell orders.
Among promoter entities, Shangvi Finance Pvt. Ltd. has a 42.28% stake in SPARC, while Sun Pharma’s Dilip Shangvi has a 19.05% stake as of March 31, 2024.
Shares of SPARC are trading 4% higher at ₹241.50. The 14-day drop has ensured that the stock erased all the gains it made during the year so far and trade with losses. Currently, the stock is down 21% in 2024.
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