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'Buy' This Pharma Stock For 18% Gains In Short Term Suggests ICICI Direct
ICICI Direct has given a buy recommendation on Eris Lifesciences for a price between Rs. 738-756 for an upside of 18 percent i.e. sees a target of Rs. 880 in 3 months time. The brokerage firm has also suggested placing a stop loss of Rs. 680.
ICICI Direct's take on the stock of Eris Life Sciences
The stock has been a laggard within the pharma space. We expect it to witness catch up with rest of the pharma stocks backed by positive price structure. It is forming a higher peak and higher trough on all time frames and recently generated a bullish Flag breakout signalling continuance of the uptrend and offers a fresh entry opportunity. We expect the stock to continue its positive momentum and head towards our target of Rs. 880 in coming months as it is the price parity with previous up move (Rs. 570-735) as projected from the recent trough of Rs. 682 that signals upside towards Rs. 880 levels, said the brokerage firm.
The recent up move and the breakout above the bullish Flag pattern is supported by strong volume of almost double its 50 weeks average volume of 10 lakh shares per week highlighting larger participation in direction of trend, added ICICI Direct.
The brokerage has recommended buying the scrip in a staggered way within the prescribed range provided in the report. Also the report said, the recommendation are valid for six months and in case we intend to carry forward the position, it will communicate through separate mail.
About the company:
The company is the only listed pharma entity with a domestic branded formulations model of business. Eris Lifesciences primary focus is on high end super specialist doctors as well as consulting physicians. The company's operates via its seven divisions including Eris, Nikkos, Adura, Montana, Inspira, Victus, Eris Kinedex, Eterna, and Altiza.
Financials:
For the quarter ended March, the company's consolidated net profit increased to Rs. 682.5 million versus Rs. 562.7 million in the year ago period. Also, its total revenue increased to Rs. 2.78 billion in comparison to Rs. 2.49 billion during the same quarter in the year ago period.
As per the brokerage house, the company's sales during the 10 year period has registered a CAGR of 16.39%, operating profit has grown higher by 23.12%, while profit after tax has registered an increase of 26.04 percent.
Disclaimer:
Note the above stock recommendation is taken from the brokerage report of ICICI Direct. Stock market investments are subjected to risk and investors need to do their own analysis before picking a stock for their portfolio. Greynium Technologies and its employees shall not be liable for any loss incurred on any investment call taken by the investor considering the above report. The story is purely for informational purpose.
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