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Multibagger Pharma Stock Tanks 9% In 2 Days, Hits New 52-Week Low, Buy For 51% Gains: ICICI Direct
Shares of mid cap pharmaceuticals stock, Laurus Labs Ltd have fallen nearly 9% in 2 days and the stock hit its 52-week low today (November 29, 2022). The company has a market capitalisation of Rs 22,407.88 crore. ICICI Direct in its October 22, 2022 report has assigned buy call to the stock with a target price of Rs 630 apiece.
The analyst has given a time period of 12 months when the stock will reach the specified target price. If you buy the stock today at the current market price of Rs 417 apiece, you are set to receive 51% return in 12 months. Check key takeaways below:
1. Laurus Labs Stock Performance
The stock declined 7% intraday on BSE today. The current market price of Laurus Labs is Rs 417 apiece. The stock's 52-week high is Rs 626 apiece and 52-week low is Rs 415 apiece, respectively.
2. Laurus Labs Return
The stock has jumped 299% in last 5-years, 495% in last 3-years, declined 17% in last 1-year, and 27% in just 3-months. In last 1-week, the stock declined 8% and today it fell over 7% till afternoon trade.
ICICI Direct On Laurus Labs
The analyst has raised buy call for Laurus Labs with a target price of Rs 630 apiece and a potential return of 51%. According to ICICI Direct, "We continue to remain positive and retain our BUY rating on the stock amid incremental contribution from custom synthesis with visible order-book. Valued at Rs 630 i.e. 25x P/E on FY24E EPS of 25.1.
4. Key Triggers For Future Price Performance
Synthesis: Well-positioned to meet fast growing global demand for NCE drug substance and drug products with ongoing supplies for seven commercial products.
Formulations: Product launches in anti-diabetic (FY23) & CV portfolio (FY24) in US & Europe with target opportunity at ~ US$40 billion. Gradual traction from Unit-2 commissioned in Q1FY23 taking total capacity to 10 billion units.
API: Robust order book in anti-diabetic, CV & PPI amid capacity expansion in high growth therapeutics with total reactor volume of +7000 KL by FY23.
Biologics: Expanding the biologics CDMO at scale. Commercial scale-up of the new fermentation capacity (food proteins). Plans to add 1 million litre fermentation capacity in Phase 1.
5. About Laurus Labs
Laurus Labs operates in the segment of generic APIs & FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs. It owns 11 manufacturing units (six FDA approved sites) with 74 DMFs, 32 ANDAs filed (15 Para IV, 11 first to file) and 192 patents granted. Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes as well as building biologics CDMO.
Disclaimer
The stock has been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
