Glenmark Pharmaceuticals had on July 13 said it has cut the price of its antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 by 27 percent to Rs 75 per tablet.
Motilal Oswal recommended Neutral rating on Glenmark Pharma with a target price of Rs 430 in its research report dated June 29, 2020.
The charge was filed in US District Court in Philadelphia. The price-fixing conspiracy allegedly took place from 2013 to 2015 and caused a loss to victims of at least $200 million, according to the department.
Emkay Global Financial is bullish on Glenmark Pharma has recommended buy rating on the stock with a target price of Rs 526 in its research report dated June 29, 2020.
ICICI Securities is bullish on Glenmark Pharma has recommended buy rating on the stock with a target price of Rs 488 in its research report dated June 22, 2020.
The company has started manufacturing favipiravir and will release it in the market in a few days, giving it the first-mover advantage.
The pharma company said that it has received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections .
Favipiravir has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections, the company has said.
The approval granted by the United States Food and Drug Administration (USFDA) to Glenmark Pharmaceuticals Inc., USA, is for the strength of 10 mg/5 mg tablets, the generic version of Qtern tablets of the same strength of AstraZeneca AB, the company said in a statement.
"Glenmark Pharmaceuticals Inc USA has been granted tentative approval by the United States Food and Drug Administration (USFDA) for Dapagliflozin tablets, 5 mg and 10 mg," Glenmark said in a filing to BSE.
The share touched its 52-week high Rs 668.25 and 52-week low Rs 267.30 on 16 January, 2019 and 14 November, 2019, respectively.
Granules India got the nod for a painkiller, while Glenmark got it for Deferasirox tablets used in the treatment for chronic iron overload syndrome.
The share touched its 52-week high Rs 706.90 and 52-week low Rs 267.30 on 31 December, 2018 and 14 November, 2019, respectively.
CLSA is of the view that the US sales momentum is expected to remain strong while India business should continue growing above the industry rate
The net sales of the company stood at Rs 2,763.73 crore, up 8.81 percent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.
"Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Abiraterone Acetate tablets USP, 250 mg," the company said in a regulatory filing.
The proposal was approved at the company's annual general meeting held on September 27.
Company said GBR 1342 is designed to bind to both CD3 on T cells and CD38, an antigen known to be implicated in hematological malignancies, on target cells.
The US Food and Drug Administration inspected company's Indore unit last week during September 9-13.
The brokerage sees weak earnings trajectory and high leverage as areas of concern.
While maintaining neutral rating, Credit Suisse also slashed its price target to Rs 415 from Rs 600 after cutting FY20/21 EPS estimates by 24/16 percent to factor in weak Q1.
Net Sales are expected to increase by 5.6 percent Y-o-Y (down 11 percent Q-o-Q) to Rs. 2,247.9 crore, according to Prabhudas Lilladher.
Forming partnership with other large Indian companies for a novel drug is a solid strategy, Nomura said, adding upfront payment through partnership will recover a substantial portion of the development cost.