Buy Glenmark Pharma With Target Of Rs 375

Buy Glenmark Pharma With Target Of Rs 375Stock market analyst Gaurang Shah of Geojit BNP Paribas has maintained 'buy' rating on Glenmark Pharmaceutical Limited stock with a target of Rs 365-375.

The analyst said that the stock can be purchased with a stop loss below 2%.

The stock of the company, on December 27, closed at Rs 354.60 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 389.75 and a low of Rs 230 on BSE.

Current EPS & P/E ratio stood at 17.18 and 20.53 respectively.

Glenmark Generics, USA (GGI) , the US arm of Glenmark Generics, on Dec 28, declared that it has bagged final ANDA sanction from by the USFDA for Lithium Carbonate 300 mg extended-release tabs.

GGI will start selling Lithium Carbonate instantly.

Overall sales attained in the US for the last 12 months ended September 2010 stood at $21 million.

Glenmark Generics, on December 23, declared that they have been given nod for 3 ANDAs by the United States Food and Drug Administration (USFDA).

Final ANDA nods were bagged for Indomethacin 25 mg and 50 mg capsules, USP and Sulfamethoxazole and Trimethoprim double and single power tabs.