Shilpa Medicare shares rise 11% after positive Phase 3 drug trial results

Shilpa Medicare share price: Shilpa Medicare shares rose over 11 percent to a record high after the company announced successful results from Phase 3 trials for its drug SMLNUD07, also known as NorUDCA. This drug is being developed to treat nonalcoholic fatty liver disease (NAFLD), a disease that affects millions of people worldwide, including about 188 million in India.

The company has called NorUDCA a potential breakthrough in NAFLD treatment. In a regulatory filing, Shilpa Medicare mentioned that the drug “could revolutionize the treatment of NAFLD patients.” The Phase 3 trial was a large-scale, placebo-controlled, double-blind study conducted across India and included 165 NAFLD patients.

The results of the study were very encouraging, with no serious side effects reported. The treatment was well tolerated at a dose of 1,500 mg per day for 24 weeks, according to the company. This positive result boosted investor confidence and led to a significant increase in Shilpa Medicare's share price.

Shilpa Medicare share price

The stock rose 11.6 percent to hit a new high of Rs 778.20. This rally means that Shilpa Medicare shares are now up 162.5 percent from their 52-week low of Rs 296.45 recorded on October 26, 2023.

Shilpa Medicare share price last year

Over the past year, Shilpa Medicare stock has risen nearly 93 percent, and in 2024 alone, it will have gained about 136 percent, delivering positive returns in 7 of the 8 months so far.