Even as Motilal Oswal Securities has upped its target price for Gland Pharma to Rs 1,560, it was short of Rs 1,612.60, the level drug maker settled at on Tuesday.
Gland Pharma reported a sequential as well as on-year rise in revenues in Q1, thanks to improving pricing environment in the US, momentum in new product launches and contribution from the newly acquired Cenexi CMO.
Global brokerage firm Jefferies upgraded Gland Pharma s stock to buy from underperform with an increased price target of Rs 1,640 from Rs 1,065 earlier. Bernstein also gave an outperform rating on Gland Pharma, saying that the Q1 numbers point towards early signs of revival in base business.