Shares of Sunshine Biopharma (SBFM) rose 11% on Thursday morning after the company announced that its Canadian unit, Nora Pharma, launched a generic version of Bristol-Myers Squibb's Pravachol.

The drug, called Pravastatin, is a statin medication that works by lowering bad cholesterol (LDL) and increasing good cholesterol (HDL) in the blood, thereby helping prevent heart attacks, strokes, and other serious cardiovascular conditions.

Nora Pharma's Pravastatin is available in strengths of 10 mg, 20 mg, and 40 mg, and comes inbottles of 100 tablets.

Sunshine Biopharma said that the Canadian market of cholesterol-lowering drugs is estimated to reach $582 million by the end of 2025 and $1.07 billion by 2033.

On Stocktwits, retail sentiment around SBFM stayed within the 'extremely bullish' territory over the past 24 hours, while message volume stayed at 'extremely high' levels.

A Stocktwits user believes the company has a bright future.

Another said that they intend to hold the stock long term.

In July, Sunshine Bioopharma introduced its first biosimilar drug, Niopeg, to the Canadian market, to treat the risk of infection in cancer patients undergoing chemotherapy. In June, a generic version of Neurontin, Gabapentin, was launched for treating neuropathic pain and epilepsy.

SBFM stock is down by 29% this year. 

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