Glenmark Pharma on roll, hits new 52-week high on spate of recent approvals

Shares of Glenmark Pharmaceuticals Ltd scaled to a 52-week high in late morning trades Wednesday, extending its rally for the sixth straight session as the recent spate of USFDA approvals has enthused investors about the strong long-term prospects for the company.At 12.55 pm, shares of Glenmark Pharma was traded at Rs 975, up 5.5 percent from its previous close. Over 2.20 lakh shares changed hands on BSE as against two-week daily average volume of 65,000 shares.[caption id="attachment_2299378" align="alignleft" width="380"] Reuters[/caption]In fact, the stock hit a new 52-week high of Rs 982.50, up 6.3 percent before trimming some gains thereafter.In the last five trading sessions, Glenmark Pharma counter jumped nearly 9 percent outperforming the broader market that displayed sharp volatility with a negative bias. In addition to today's gains, the stock has rallied 15 percent so far.Aiding the sentiment, the company on Monday said it has received final approval from USFDA for its oral contraceptive Levonorgestrel tablets, the generic version of Teva's Seasonale drug, used for prevention of pregnancy in women.Similarly, the company last week announced having received final approval by the USFDA for Calcipotriene cream, the therapeutic equivalent of Leo Pharma's Dovonex Cream. As per IMS Health sales data, annual sales of Dovonex cream stood at approximately $91.9 million for the 12 month ending April 2015.