Sun Pharma share price falls 3% on USFDA observations; Morgan Stanley remains overweight

SUNPHARMA

Sun Pharmaceutical Industries share price fell nearly 3 percent in the early trade on December 16 after USFDA issued eight observations for its Halol facility.

United States Food and Drug Administration (USFDA) has conducted a good manufacturing practices (GMP) inspection of the company’s Halol facility, Gujarat, India from December 03-13, 2019.

At the conclusion of the inspection, the agency issued a Form 483, with eight observations.

The company is preparing the response to the observations, which will be submitted to the USFDA within 15 business days, it said in a release.

The company is committed to addressing these observations promptly.

The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it added.

Morgan Stanley has maintained overweight call on Sun Pharma with a target at Rs 530 per share.

According to the research house, it is difficult to assess the severity of Halol observations at this point. However, it keeps a positive stance on the company in view of projected earnings growth.
At 0919 hrs, Sun Pharmaceutical Industries was quoting at Rs 430.75, down Rs 7.90, or 1.80 percent on the BSE.

News Source:- Moneycontrol

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