Natco Pharma looks healthy

Natco Pharma is up over 7% at Rs.815.90, with an intra day high at Rs.826, which was also its new 52-week high. Volumes are up almost 4 times.

The stock spiked up to a new high after U.S. Supreme Court justice yesterday declined a request from Teva for a stay of an appeals court ruling. This would have meant giving up the patent protection in 2014 instead of 2015 on its $4 billion-a-year multiple sclerosis drug Copaxone, which is about 20% of sales and 50% of Teva’s profit.