1SBFM : Sunshine Biopharma Stock Is Surging Thursday: Here's What's Happening

Shares of Sunshine Biopharma Inc. (NASDAQ:SBFM) are trading higher Thursday after the Florida-based pharmaceutical company announced the launch of a generic prescription drug.

What To Know: Sunshine Biopharma, through its wholly owned Canadian subsidiary Nora Pharma, announced the launch of Pravastatin, a lipid metabolism regulator.

The stock was up more than 17% at the time of writing, according to Benzinga Pro.

Pravastatin is a generic version of Pravachol, which works by lowering bad cholesterol (LDL) and increasing good cholesterol (HDL) in the blood. The statin medication is sold in bottles of 100 tablets and can come in various strengths including, 10mg, 20mg and 40mg.

Sunshine Biopharma said the Canadian market of cholesterol lowering drugs is estimated to reach $582 million by the end of 2025, citing data from IQVIA. IQVIA further estimates that the cholesterol lowering drugs market in Canada will expand at a CAGR of 8% per year, reaching $1.07 billion by 2033.

“We are excited to introduce Pravastatin to the market,” said Steve Slilaty, CEO of Sunshine Biopharma. “This launch reinforces our dedication to improving patient outcomes through innovative therapies that address critical health needs.”

SBFM Analysis: Sunshine Biopharma stock is trading within its 52-week range of $1.16 to $3.90. The significant uptick in shares on Thursday positions the stock well above both its 50-day moving average of $1.49, indicating strong bullish momentum. However, with a year-to-date performance down 27.4%, the current rally may be seen as a corrective bounce rather than a reversal of the longer-term trend.

SBFM Price Action: At the time of publication on Thursday, Sunshine Biopharma shares are having a strong day, jumping 17.36% to $2.27, according to Benzinga Pro. With 23.1 million shares changing hands on Thursday, it’s clear there’s a lot of interest. However, even with Thursday’s pop, the stock is still about 41.5% below its 52-week high.

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