The stock has been rerated on the back of recent deals, which could lead to expectations of reduction in debt.
Moneycontrol News
@moneycontrolcom
Bank of America Merrill Lynch (BofAML) has raised target price on Glenmark Pharma to Rs 715 from Rs 600 apiece. It has maintained its neutral call and sees a potential upside of 4 percent.
The stock touched an intraday high of Rs 695.30 and an intraday low of Rs 678.60.
It said that respiratory drivers in the European Union were intact for double digit growth. Meanwhile, US pipeline in generics is lacking visibility.
It is anticipating big launches in the next fiscal year, but it sees near term risk in mupirocin market.
The stock has been rerated on the back of recent deals, which could lead to expectations of reduction in debt.
The stock has gained over 15 percent in the past one month, while in the past three days, it traded flat. At 12:46 hrs Glenmark Pharma was quoting at Rs 680.05, down Rs 6.05, or 0.88 percent, on the BSE.First Published on Sep 11, 2018 12:52 pm