Gland Pharma stock gets a shot in the arm after firm's US business picked up in Q2, brokerages increase target price

Gland Pharma Share Price: Gland Pharma shares started the trading session on Tuesday (November 7) on a high note as they soared over 5.50 per cent on BSE in early morning deals the pharma company reported mixed Q2 numbers and leading brokerages raised their target prices.

Gland Pharma shares were soaring 5.16 per cent, or Rs 81.20, at Rs 1656.05, at 9:59 am on BSE on Tuesday.

The stock that closed at Rs 1574.85 on Monday opened at Rs 1,640.00 on Tuesday morning before climbign to the day's high of Rs 1,674.60 in morning deals. 

There was a spurt in volume by more than 4.85 times, as per the BSE update.

In its September-quarter results on Monday, Gland Pharma reported mixed earnings but pick up in the US and other export markets.

Gland Pharma's second-quarter results Q2 beat Zee Business research estimates on most of the fronts. 

The company's sales for the second quarter were 2.6 per cent higher than analysts' estimates. The sales numbers got boost from higher contribution from Cenexi and US markets. 

Overhead expenses, particularly employee cost and other expenses, were lower, leading to a 23 per cent jump in EBIDTA and 19 per cent in profit, beating research estimates.

What brokerages say about Gland Pharma

After the results, brokerages such as Nomura, Jefferies, and Goldman Sachs increased their target prices for the stock of the pharma company.  

Nomura on Gland Pharma (CMP: 1575) 

Upgrades to 'neutral' from reduce
Target price raised to Rs 1,570 from Rs 1,157

Jefferies on Gland Pharma (CMP: 1575) 

Maintains 'buy', target price raised to Rs 1,800 from Rs 1,640 

Goldman Sachs on Gland Pharma (CMP: 1575) 

Maintains 'buy', target raised to Rs 1,750 from Rs 1,685