Hold Glenmark For Long Term

Hold Glenmark For Long TermStock market analyst AK Prabhakar has maintained 'hold' rating on Glenmark Pharmaceutical Limited stock with long-term targets of Rs 450 and 475.

Today, the stock of the company opened at Rs 364.70 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 382 and a low of Rs 220 on BSE.

Current EPS & P/E ratio stood at 17.18 and 20.37 respectively.

Glenmark Pharmaceuticals has finished the third phase of human experimentations of Crofelemer, a novel drug to cure HIV-related diarrhea, which could make more than $80 million.

Glenmark has the right to roll out the drug in 140 nations, apart from the United States, Europe, Japan and China, where its associates have promotion rights.

Glenn Saldanha, CEO & MD , Glenmark Pharmaceuticals said, "We are encouraged by these results as we could now prepare for the launch of Crofelemer and this will be our first novel product."

Glenmark Pharmaceutical registered an increase of 38% in its consolidated net profit for the three month period ended September 2010.

During the period, the company's consolidated profit stood at Rs 1116.25 million as compared to Rs 808.85 million during the corresponding period of 2009.

For July-September period, Glenmark's consolidated revenue surged 23% to Rs 7,242.64 million as compared to Rs 5,903.26 million.




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