SPARC Shares Plummet: Fifth Straight Lower Circuit, Dive from ₹455 to ₹350

Sun Pharma Advanced Research Company (SPARC) Ltd. finds itself in a tumultuous situation as its shares remain locked in a continuous downward spiral. Today marks the fifth consecutive trading session in which SPARC shares have hit the lower circuit, plummeting 5% each day. This persistent decline has seen the stock's value diminish by a staggering 23% over the past six trading sessions.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel

The downward trajectory of SPARC's shares follows the announcement of disappointing results from the planned interim analysis of the PROSEEK study of Vodobatinib, a key asset in its neurological program. The interim analysis, conducted on 442 patients who completed part 1 of the study, revealed no evidence of treatment benefits in patients receiving Vodobatinib. Consequently, SPARC made the decision to terminate the study, dealing a significant blow to the company's prospects.

Vodobatinib, a c-Abl inhibitor, held promise as a potential first-in-class therapeutic agent for the treatment of early-stage Parkinson's disease. Additionally, it was being explored for its potential in treating conditions such as Lewy Body Dementia and Alzheimer's. In the realm of oncology, Vodobatinib was being studied for its efficacy in treating Leukemia.

The setback in the PROSEEK study is particularly significant considering the estimated peak sales of Vodobatinib for Parkinson's disease, which were anticipated to reach as high as $5 billion.

In response to the adverse developments, SPARC announced during an analyst call its intention to explore options such as out-licensing or partnering early for its other assets. Additionally, the company disclosed plans to resume business development activities for Vodobatinib in the context of Chronic Myeloid Leukemia (CML).

Despite possessing a cash balance of $20 million, SPARC has clarified that it has no immediate plans to raise further equity. Instead, the management is focusing on scrutinizing its cost structure to identify opportunities for cost-cutting measures.

As SPARC's shares remain locked in the lower circuit at ₹350, market data from the National Stock Exchange (NSE) indicates a substantial volume of over 1.72 lakh pending "Sell" orders at current levels.

#trending #latest #SPARC #StockMarket #SharePrice #PROSEEKStudy #Vodobatinib #NeurologicalProgram #OncologyResearch #CostCutting #BusinessDevelopment #InvestmentAnalysis #FinancialNews #dnn #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

During the visit, His Highness toured the exhibition, visiting various local and international pavilions...Read More.

In the first ten months of 2024, Dubai Real Estate Corporation (DREC) and its subsidiary, Wasl Group, saw a 28% rise in revenues compared to 2023...Read More.