Following the USFDA’s clearance of the Famotidine tablets, Marksans Pharma rises 2%
Marksans Pharma shares rose nearly 2% on March 10 after the US Food and Drug Administration approved the company’s Famotidine tablets, which act as an acid reducer.
Famotidine tablets are bioequivalent to the reference listed drug Pepcid AC tablets, which is a registered trademark of Johnson & Johnson Consumer Inc and has over $200 million in sales in the US market.
“…has received final FDA approval for its abbreviated new drug application (ANDA) of Famotidine tablets for over-the-counter use,” Marksans Pharma said in a filing to the exchanges.
Famotidine tablets, available in 10 mg and 20 mg strengths, are acid reducers used to treat conditions requiring stomach acid reduction, such as acid indigestion, occasional heartburn, or sour stomach caused by eating or drinking certain foods or beverages.
“This will enable us to fill an important therapy gap in the antacids market created by Ranitidine withdrawal,” said Mark Saldanha, MD of Marksans Pharma.
On the NSE, the stock closed with a 1.6 percent gain at Rs 68.75.
On the daily charts, the stock has formed a bullish candlestick pattern with a long lower shadow, trading above all key moving averages (50, 100, and 200-day EMA – exponential moving average) since mid-November 2023.
It has found support at the February 27 low (Rs 65.55).
On the weekly timeframe, a Doji pattern formed, indicating indecision among bulls and bears about the future market trend, while on the monthly timeframe, a small bodied bullish candle formed.
On a broader scale, it has seen higher highs and higher lows since June 2022 lows, which appears to be a positive sign.