Sun 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. Volumes are drying down and may slip further in the coming sessions towards 400. As of now, avoid it as long as we don’t see clear signs of strength back at this counter.
A global trial called PROSEEK included 513 individuals from India, Europe, and the United States who had early-stage Parkinson’s disease. The selective c-Abl tyrosine kinase inhibitor was intended to be tested for safety and effectiveness in individuals with early-stage Parkinson’s disease.
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The Movement Disorder Society’s Unified Parkinson’s Disease Rating Scale (MDS-UPDRS) Part III was used to quantify symptoms, and the study’s main objective was to demonstrate a decrease in those symptoms.
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.
After analysing the data, the company chose to discontinue the research since it did not demonstrate any advantage of treatment for patients using Vodobatinib. As per the exchange filing, the company intends to wrap up the comprehensive examination of clinical outcomes and related biomarker data in the upcoming months.
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.
“Our gratitude extends to all those who played a role in the PROSEEK study, particularly the patients and their caregivers, researchers, and our dedicated team that worked relentlessly on the study,” added Raghavan.
The company will host a conference call at 16:30 IST on April 15, 2024.
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Published: 10 Apr 2024, 02:47 PM IST