Lower circuit stock: Sun Pharma Advanced share price tanks 5% on ending Proseek study; here’s what analyst says
Live MintSun Pharma Advanced share price slumped 5% and was locked in the lower circuit at ₹431.10 apiece on BSE after it notified the exchanges that it had ended the Phase 2 study on Vodobatinib for Parkinson's. Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, said that recently the stock has seen strong positive momentum, but today it has seen selling pressures with prices down 5% on the lower circuit. Sun Pharma Advanced Research Company said that the trial was unable to show that Vodobatinib was more effective than a placebo in terms of the pre-specified primary objective, which was the change in MDS-UPDRS Part III total score. The CEO of Sun Pharma Advanced Research Company, Anil Raghavan, stated that although the interim analysis results did not meet their expectations for their patients, the study's findings will greatly advance their understanding of the function of c-Abl kinase in alpha synucleinopathies.
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