Motilal Oswal is bullish on Strides Pharma recommended buy rating on the stock with a target price of Rs 650 in its research report dated August 06, 2020.
The company has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country
The product is a generic version of Ancobon Capsules, 250 mg and 500 mg, of Bausch Health US, LLC, the Bengaluru- headquartered pharmaceutical company said in a statement.
The product is a generic version of Achromycin V Capsules, 250 mg and 500 mg, of Avet Pharmaceuticals Inc. (previously Heritage Pharmaceuticals Inc), the Bengaluru- headquartered company said in a statement.
Revenue was up 28 percent at Rs 735.3 crore versus Rs 573.8 crore, YoY while EBITDA jumped 184 percent to Rs 185.1 crore.
In a regulatory filing, the company said "its step-down wholly owned subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received tentative approval for triamcinolone acetonide ointment USP, 0.05 percent from the United States Food & Drug Administration (USFDA)".
Strides Pharma Global Pte Ltd, Singapore, has received tentative approval for Diclofenac Potassium Softgel Capsules, 25 mg from the United States Food & Drug Administration (USFDA), Strides Pharma Science said in a regulatory filing.
It has received the establishment inspection report (EIR), thereby confirming the successful closure of the inspections, the company added.
The approved product is a generic version of Vesicare tablets of Astellas Pharma US, Inc.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 37 points gain or 0.34 percent. Nifty futures were trading around 11,074-level on the Singaporean Exchange.
Strides Pharma Science said the site has undergone several successful USFDA inspections and has no outstanding observations.
In March 2019, Strides converted its ownership in JV to 100% to take full management and operational control of this manufacturing facility, Strides Pharma Science said.
The company's facility in Bengaluru underwent a United States Food and Drug Administration (USFDA) inspection that ended on May 24, 2019, Strides Pharma Science said in a statement.
Motilal Oswal is bullish on Strides Pharma has recommended buy rating on the stock with a target price of Rs 635 in its research report dated May 11, 2019.