Glenmark Pharma on a surge

Glenmark Pharma had been on a surge on Friday on the back of its Q2 earnings announcement, And today, the buzz on the stock got louder. Volumes were up over 3.5 times. The stock, which had closed at Rs.301.20, it opened at Rs.308 and went on to an intraday high at Rs.350.35. Its UC is at 20% and today stands at Rs.361.40.

After the company’s earnings surpassed most estimates, global research brokerage CLSA put out a report, upgrading the stock to “buy” from “sell.” It raised its price target from Rs.350 to Rs.410.

CLSA said that the sales momentum for US will rise and that in India is expected to remain strong.

CLSA also increased FY20-22 EPS by 3% and 22%.