Landon Capital

Shares of midcap firm Alembic Pharmaceuticals rallied nearly 9% to Rs 510 in Friday’s trade on BSE after the company received the final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) brimonidine tartrate ophthalmic solution 0.15%.

“The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Alphagan P Ophthalmic Solution, 0.15%, of AbbVie Inc,” the company said in a BSE filing.

Brimonidine Tartrate Ophthalmic Solution is an alpha-adrenergic receptor agonist indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension.

Brimonidine has an estimated market size of $97 million for twelve months ending December 2022 according to IQVIA.

Alembic has a cumulative total of 180 ANDA approvals (156 final approvals and 24 tentative approvals) from the US FDA.

At 11.38 am, the scrip was trading 6.6% higher at Rs 499.4 on BSE. However, the stock has plunged over 32% in the last one year. On a year-to-date basis, it has declined by 12%.

As per Trendlyne data, the average target price of the stock is Rs 603, which shows an upside potential of 21% from the current market prices. The consensus recommendation from 16 analysts for Alembic Pharma is Hold. Out of these analysts, five have strong buy and buy ratings, while three have strong sell and sell ratings, and the remaining eight have hold ratings.
Technically, Alembic Pharma is trading below 4 out of 8 SMAs. The stock traded lower than the 50-day, 100-day, 150-day and 200-day moving averages but higher than the 5-day, 10-day, 20-day, and 30-day moving averages.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, has been at the forefront of healthcare since 1907. Headquartered in India, Alembic Pharmaceuticals manufactures and markets generic pharmaceutical products all over the world.  ..