Technical analyst Avinash Gorakshakar of Edelweiss Advisors has maintained 'buy' rating on Glenmark Pharmaceutical Limited stock to achieve a long term target.

According to analyst, the investors can buy the stock with a target of Rs 370.

The stock of the company, on April 05, closed at Rs 296.90 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 17.74 and 16.77 respectively.

The share price has seen a 52-week high of Rs 389.75 and a low of Rs 253.95 on BSE.

Glenmark announced that it has found a novel drug molecule that can deal blood and lymph cancer in addition to inflammatory troubles.

Glenmark's Switzerland-based division Glenmark Pharmaceuticals SA detected the novel biological entity, (NBE) 'GBR 401'.

The disease regions mainly targeted by GBR 401 are lymphoma and leukaemia of B-cell origin.

GBR 401 also has the potency to take care of inflammatory disorders like rheumatoid arthritis.

Glenmark Pharmaceuticals SA President, Biologics, Mr Michael Buschle stated, "GBR 401 has been developed using a technologically advanced platform that greatly enhances the efficacy of of the antibody."

Besides, the company's US-based division has also bagged final nod from the US health regulator to sell a generic oral contraceptive drug, 'Briellyn', in the U. S. market.