Small Cap Pharma Stock Morepen Laboratories gained 152% in One Month
Published On: Thursday, April 23, 2020 | By: Team KnowMyStock
Shares of Morepen Laboratories were locked in upper circuit for the third straight trading day, up 10 per cent at Rs 19.43 on the BSE on Thursday as the company has received a license to manufacture Hydroxychloroquine (HCQ) for its Baddi plant in Himachal Pradesh and is working to commercialize the production of HCQ in both API as well as tablets form.HCQ is a drug usually used to treat malaria patients but is also being found useful in the treatment of coronavirus (COVID-19) patients. India is the largest producer of HCQ and will continue to retain its leadership position in this time of crisis. The stock has rallied 33 per cent in the past three trading days, zooming 152 per cent in the past one month.
“The company has initiated a wide range of essential products being required to fight the growing crisis of COVID’19 and to prevent further spread of this disease in the country. These include non-contact infrared thermometers, alcohol-based hand sanitizers, hand wash, hand rubs and face masks, all under its umbrella brand — Dr Morepen,” Morepen Labs said in a press release.
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