Hold Glenmark Pharma; target of Rs 600: P-Sec

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Hold Glenmark Pharma; target of Rs 600: P-Sec

Broking house, P-Sec has recommended hold rating on the Glenmark Pharma with a target of Rs 600.

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Broking house, P-Sec has recommended hold rating on the Glenmark Pharma with a target of Rs 600.

P-Sec report on Glenmark Pharma:

"Glenmark has announced that its lead candidate GRC 6211 for pain has entered in to phase-I. GRC 6211 (VR1) is an antagonist compound for pain indications like osteoarthritis, dental pain, naturopathic pain and urinary incontinence. The company expects to complete phase I by Jun 2007 and dental pain study by Oct 2007. The market size for pain management is around USD 20 billion."

"The company has targeted to launch the product in 2010-11 and is working on having a partner before entering phase-II B. We expect the topline of the company to grow at a CAGR of 60% and net profit to grow over 200% over next couple of years. At CMP of Rs.248, the stock is trading at 25x FY07E and 14x FY08E earnings. We maintain hold on the stock for a target price of Rs 600."