Stock market analyst Somil Mehta of Sharekhan has maintained 'buy' rating on Glenmark Pharma Ltd stock to achieve a target of Rs 330.

The strict stop loss for the stock is Rs 265.

Today, the stock of the company opened at Rs 284.30 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 303.80 and a low of Rs 216.90 on BSE.

Current EPS & P/E ratio stood at 16.05 and 17.73 respectively.

Glenmark Pharmaceuticals stated that it has found a novel drug molecule that could be utilized for the treatment of pain and respiratory problems.

The novel drug molecule, which is codenamed as 'GRC 17536', has finished pre-clinical experimentations on animals, and will enter clinical examinations on human beings by 2011 first quarter.

In a declaration, Company's CEO & MD Glenn Saldanha stated, "GRC 17536 is another potential first-in-class globally and we are encouraged by the results shown by the molecule in animal studies."

The new drug molecule has proven highly effective in curing inflammatory and neuropathic pain in animals as compared to gold standard medications.

Moreover, the company also announced that its US subsidiary has got final nod from US FDA administration for Trospium tabs.

The company bagged sanction for 20 mg edition of Trospium tablets, the generic version of Sanctura tabs by Allergan Inc.