SPARC share price tumbles 20% as Sun Pharma's arm halts development of Psoriasis drug
SPARC share price: Shares of Sun Pharma Advanced Research Company (SPARC), the research division of India's top pharmaceutical firm Sun Pharma, fell by 20% on Wednesday after unsatisfactory results from Phase 2 trials of its experimental drug SCD-044. SPARC share price opened at an intraday high of ₹ 186 apiece on the BSE, the stock touched an intraday low of ₹ 156.50 per share.
SCD-044, referred to as Vibozilimod, was being developed for the treatment of psoriasis and atopic dermatitis. Nevertheless, the company announced that the drug did not achieve the primary endpoints in both of its clinical trials. Consequently, SPARC declared that it will halt further clinical development for SCD-044.
Both Sun Pharma and SPARC will now evaluate the future direction of this compound.
This development represents a setback, as SCD-044 was viewed as one of the more promising candidates in SPARC's specialty pipeline. In a filing with the exchange, the company noted that neither the SOLARES PsO trial nor the SOLARES AD trial achieved their primary endpoints—defined as a 75 percent reduction in PASI (Psoriasis Area and Severity Index) or EASI (Eczema Area and Severity Index) scores by Week 16.
SPARC, a biopharmaceutical subsidiary of Sun Pharma that focuses on research, aims to drive innovation in fields such as oncology, neurodegenerative diseases, and inflammatory disorders.
In the fourth quarter of fiscal year 2025 (Q4FY25), SPARC announced a total income of ₹ 20.96 crore, marking a 38.8% increase from ₹ 15.10 crore in the third quarter (Q3FY25).
However, the loss before tax increased to ₹ 105.41 crore compared to ₹ 79.44 crore in the prior quarter, indicating a 32.7% decline in profitability. The total expenses for the quarter rose by 33.7%, reaching ₹ 126.37 crore, up from ₹ 94.54 crore in Q3.
Anshul Jain, Head of Research at Lakshmishree Investments, SPARC share price has gapped down, breaching its rising moving averages, indicating a clear structure shift from bullish to bearish. After a sharp 76.88% correction in 47 weeks, the stock was attempting to form a higher low on the weekly chart, which now appears to have failed following the negative clinical trial news. With sentiment turning weak, immediate support is placed at ₹ 128. A breach of this support may accelerate further downside in the short term.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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