Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Glenmark Pharmaceuticals with a short term target of Rs 265 – Rs 285.

In latest research report, experts at Nirmal Bang said that interested investors can buy the stock as huge delivery volumes witnessed and the stock has consolidated in the range of 200-230 and yesterday it has closed above the range.

In addition, the firm has suggested a support level for the scrip at Rs 200.

Today (June 25), the stock opened at Rs 238, as against its last closure of Rs 234.64 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 11.61 and 20.41 respectively. The share price has seen a 52-week high of Rs 680 and a low of Rs 119.15 on BSE.

Glenmark Pharma’s experimental new molecule for the treatment of diabetes, Melogliptin is ready to enter phase III by 2009-end

Mr. Glenn Saldanha, MD & CEO, Glenn Pharmaceuticals said, “Global phase III trials have been planned with melogliptin and are due to start at the end of 2009 following regulatory approvals. These studies are designed to evaluate the compound both as monotherapy and in combination with other anti-diabetic therapies in patients with type 2 diabetes mellitus.”

Melogliptin has successfully finished phase IIb, or mid-stage, clinical tests and the outcomes showed better glycemic control in patients having type 2 diabetes mellitus.

The results of the four month long study carried out on 494 patients also indicated low rate of hypoglycemia, or low blood sugar level, and a unbiased effect on the body weight of patients using Melogliptin.

The Mumbai-based drugmaker has continuously been in discussions to outlicense the molecule.

Glenmark Pharmaceutical, on June 01, got final Abbreviated New Drug Application (ANDA) nod from USFDA for Hydralazine Hydrochloride tabs, which are indicated for the treatment of essential hypertension.

The product has been sanctioned in the active strengths of 10mg, 25mg, and 10mg as the AB rated generic Pliva`s equivalent Hydralazine Hydrochloride.