Stock To Buy, Dec 11: Pharma Stock Jumps 6.28% To Hit 52-Week High, TP Rs 630: PL

Brokerage firm Prabhudas Lilladher has recommended investors to buy small-cap pharmaceuticals sector stock Strides Pharma Science Ltd and assigned target price of Rs 630 per share. Current market price of Strides Pharma share on BSE is Rs 542.90 per share. If you buy Strides Pharma stock at current market price, you can fetch likely gain of 16.04%. Strides Pharma shares gained 6.28% intraday and witnessed spurt in volume by more than 4.84 times. Strides Pharma shares jumped 52% year-to-date and offered gain of 53% in last 1-year. Check details below:

Strides Pharma Stock Outlook & Return: Current market price of Strides Pharma share on BSE is Rs 542.90 per share. Its 52-week high price is Rs 562.30 per share and 52-week low price is Rs 268.40 per share, respectively. The company has a market capitalisation of Rs 4997.37 crore. Strides Pharma shares jumped 37.30% in last 6-months, gained 17% in last 2-years, fell 31% in last 3-years, and offered return of 18% in last 5-years. In last 10-years, Strides Pharma stock gained 41%.

Strides Pharma Financials: The company announced a consolidated net loss of Rs 149 crore for Q2 ending September 30, 2023. The leading drug firm declared a net profit of Rs 19-crore in the corresponding quarter of last year. Meanwhile, total income of the firm surged to Rs 1035 crore for Q2 as against Rs 920 crore in the year-ago period, as per its regulatory filing. The company stated that reason for loss for the current quarter and half year was due to continuing operating losses, and finance costs, among others.

Strides launched Icosapent Ethyl Acid Soft Gel Capsules In Partnership With Amneal: Earlier this month on December 1, 2023 Strides Pharma Science Limited ("Strides") and Amneal Pharmaceuticals announced the addition of Icosapent ethyl acid soft gel capsules, a product referencing VASCEPA®. The product has been in-licensed from Strides, a global pharmaceutical manufacturer, and will be commercialized by Amneal starting in the fourth quarter of 2023.

"We are thrilled to announce our partnership with Amneal Pharmaceuticals for Icosapent ethyl acid soft gelatin capsules. This partnership is a testament to our commitment to excellence and the pursuit of cutting-edge solutions. By combining our resources, expertise, and shared passion, we are confident that we will achieve remarkable outcomes that benefit not only our organizations but also our valued customer and stakeholders," said Aditya Kumar, Vice President Business Development, Strides Pharma Science Limited.

Valuation: According to Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt. Ltd, "The stock after the decent consolidation phase has maintained near the important 100 period MA 475 zone and indicated a decent pullback to improve the bias and also with a triangular breakout pattern visible has strengthened the trend to anticipate for further rise in the coming days. The RSI also after a consolidation period has indicated a spurt to confirm a trend reversal to signal a buy and with the chart looking good, we suggest to buy and accumulate the stock with an upside target of 630 keeping the stop loss near 518 levels."

Disclaimer:

The stock has been picked from the brokerage report of Prabhudas Lilladher. 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.