Glenmark Pharma can move upto Rs 540-550, says PN Vijay

Glenmark Pharma can move upto Rs 540-550 in next two-three months, says PN Vijay, Portfolio Manager.

Vijay told CNBC-TV18, “Glenmark Pharma is a good midcap pharma stock and it is driven by current sentiment in the market. If and when the market improves the first buying interest of course will be in the large caps and then some of the most stable midcaps and the midcap pharma counters are an obvious choice. And even if the midcap pharma space in the last week or two the carnage that we have seen, stocks like Lupin have done reasonably well and Ipca Laboratories has done extremely well and Biocon hasn’t done too badly either.”
He further added, “Now Glenmark on the other hand has been slipping down and it is unlike Glenmark to underperform like that for a long time. It had gone all the way up to Rs 550 not too long ago, it is now around Rs 485. A very strong business model, export driven, research driven, going into off patent US companies and they have done it very consistently very remarkably and the valuations are decent. So you will lose little going into Glenmark at Rs 485 and you may get up to Rs 540-550 in next two-three months.”