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Shares of Glenmark Pharmaceuticals today fell 3.2 per cent and were heading for a fifth consecutive session of declines.
Credit Suisse has downgraded the stock to “underperform’’ from “neutral’’ saying the stock is already pricing best case scenario/
The downgrade comes a day ahead of the company’s April-June results.
Credit Suisse’s FY17 EPS estimate for Glenmark is 20 per cent below consensus.
The bank’s estimates does not factor any upside from generic of anti psychotic drug Finacea but considers devaluation of Venezuelan bolivar due to depleting forex reserves, analysts Anubhav Aggarwal and Chunky Shah said.
The companý’s Finacea generic infringes Bayer patent, a US court had ruled on Monday.
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