June 13, 2018 / 4:19 AM / 2 months ago

BUZZ-India's Sun Pharma hits over 3-mth high after U.S. FDA lifts supply curbs

** Shares of Sun Pharmaceutical Industries gain as much as 3.8 pct to 560.95 rupees - highest since March 6

** Stock is top percentage gainer on the broader NSE index which was up 0.25 pct as of 0358 GMT

** Shares of its research arm Sun Pharma Advanced Research Company Ltd jump as much as 5.5 pct to 438 rupees - highest since Feb. 27

** SUN said on Tuesday that supply restrictions imposed on India’s largest drugmaker by the U.S. Food and Drug Administration (FDA) have been lifted

** SUN will now be able to resume shipments of drugs made at its Halol plant in the western Indian state of Gujarat, which contributed as much as 15 pct to its U.S. revenue in 2015

** Expect reasonable number of good approvals going forward and a couple of SPRC pipeline products could be approved as these were held up primarily due to compliance issues at Halol - Citi Research

** Citi maintains “neutral” rating on SUN, price target at 520 rupees

** Fifteen of 39 analysts covering the stock have a “buy” or higher rating, 12 have “hold” while 12 rate it at “sell” or lower; median PT is 513 rupees - Thomson Reuters Eikon data

** More than 3 mln SUN shares change hands vs. 30-day moving avg of 7.2 mln

** Up to Tuesday's close, SUN's stock had fallen 28.3 pct since the FDA issued here a "warning letter" to the company for violating manufacturing standards at its Halol plant in Dec. 2015

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