Comments
Glenmark Pharmaceuticals shares gained over 1 per cent on Monday after Bank of America Merrill Lynch’s upgrade.
The investment bank upgraded the stock to "buy" from "underperform".
At 9.50 am, the stock was up 1.06 per cent or Rs 9.45 at Rs 899.75.
It said 32 per cent sales CAGR in United States, positive impact of recent export promotion policy, and higher multiple on improving profitability were key reasons for the upgrade.
It has raised the target price to Rs 1,075 from Rs 825.
Glenmark received tentative ANDA approval for Calcipotriene cream, used for treating psoriasis last week.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.