Gland Pharma share price: The stock traded higher than the 5-day, 20- and 50-day moving averages but lower than the 100-day and 200-day moving averages. Shares of Gland Pharma rose sharply on Wednesday, halting their three-day fall. The stock surged 15.08 per cent to close at Rs 1,416.95. At today's closing, the scrip has gained 25.35 per cent from its 52-week low of Rs 1,130.40, a level seen on March 13, 2023. Yet, the counter has declined 60.15 per cent from its one-year high of Rs 3,556.10, hit on April 21 last year.
A total of 1.81 lakh shares changed hands today on BSE, which was more than 20 times higher compared to the two-week average volume of 8,886 shares. Turnover on the counter stood at Rs 24.92 crore, commanding a market capitalisation (m-cap) of Rs 23,337.28 crore.
Some analysts suggested that there could be more upside potential on the counter.
"All the beaten-down stocks are recovering. Fundamentally, Gland Pharma is a very good stock and there is more upside potential on the counter," AK Prabhakar, Head of Capital, IDBI Capital.
"The stock has been hovering in a narrow zone for the past couple of trading months and has recently witnessed a breakout on the back of robust volumes, indicating strength. Post the steep correction, it might see some relief in the near period. However, the trend remains frail for the time being. On the technical charts, the immediate support is placed around Rs 1,300, followed by Rs 1,200. On the flip side, the stock might surge toward Rs 1,600 level in a comparable period," said Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One.
"The momentum indicators are also showing strength in the counter. The stock may touch the level of 1,600 in the near term," said Ravi Singh, Vice-President and Head of Research at Share India.
"The stock has eroded the capital of investors in the last one year. Now it is trying to give some relief rally. Strong resistance could be seen near Rs 1,800. So, buy on dips near Rs 1,300 levels and keep a strict stop loss at Rs 1,200," said Ravi Singhal, CEO at GCL Broking.
One analyst, however, suggested booking profits at current levels. "Gland Pharma is bullish on the daily charts but also overbought with strong resistance at Rs 1,458. Investors should book profits at current levels and wait for a dip near support of Rs 1,160 to initiate fresh buy positions," said AR Ramachandran from Tips2trades.
The stock traded higher than the 5-day, 20- and 50-day moving averages but lower than the 100-day and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 70.61. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 20.64. It has a price-to-book (P/B) value of 2.65.
Gland Pharma has an average target price of Rs 2,323.33, Trendlyne data showed, suggesting a potential upside of 62.50 per cent. The scrip has a one-year beta of 0.41, indicating low volatility.
Meanwhile, Indian equity indices extended their fall for the third straight session in fag-end trade, dragged by technology and state-owned lenders.