India's Mangalam Drugs jumps on grant for anti-malarial drug development

Mangalam Drugs and Organics

26/08/2024 07:45

** Shares of Mangalam Drugs and Organics  MADR.NS  jump
nearly 8%, hitting their highest level since Dec. 2022
    ** Pharma co said it got a $274,800 grant for research and
development of anti-malarial drug Pyronaridine
    ** Stock was up ~3.5% before the announcement amid a broader
market rally
    ** Stock set to rise for sixth straight session, gaining
nearly 30% in the period
    ** More than 600,000 shares traded, nearly 5x the 30 day avg
    ** Stock up 45% YTD 

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))