Wockhardt share price skyrockets 75% in a 12-session rally. Here’s what fuelling the stock price

Wockhardt shares extended their rally for the twelfth consecutive day, surging nearly 12% on Thursday to reach a fresh 52-week high of ₹993.35 apiece on the BSE. Over the past 12 days, Wockhardt shares have skyrocketed by more than 75%.

The bullish momentum in Wockhardt shares comes on the back of successful use of its investigational antibiotic Zaynich to treat a cancer patient in the US.

On June 28, Wockhardt announced that a young immune-compromised cancer patient, who has been hospitalized for nearly 9 months at Children's Hospital of Orange County, University of California Irvine School of Medicine was successfully treated with 4 weeks of Zaynich (Zidebactam/Cefepime- WCK 5222) for chronic thigh infection under compassionate use, enabling doctors to resume chemotherapy.

It added that the hospital sought the access to Zaynich under a provision termed as ‘Expanded Access IND’ granted by the US FDA.

This case marks the first instance in the US where Zaynich (Zidebactam/Cefepime- WCK 5222) has been employed to combat a complex infection caused by extreme-drug resistant Pseudomonas, Wockhardt said.

Zaynich is currently undergoing a multi-national Phase 3 study which is expected to support its registration/marketing authorization globally.

According to reports, Wockhardt may launch Zaynich at a steep discount in the beginning of next financial year.

Earlier this year, the pharma company had raised ₹480 crore through a qualified institutional placement (QIP) issue for Zaynich's phase 3 trials. Wockhardt QIP saw investments from a pool of marquee names like funds managed by ace investors Madhusudan Kela and Prashant Jain.

Wockhardt share price has given multibagger returns of more than 118% year-to-date (YTD). In the past one year, Wockhardt shares have surged over 283%.

At 10:25 am, Wockhardt shares were trading 3.90% higher at ₹922.05 apiece on the BSE.

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