Aurobindo Pharma gains as Credit Suisse initiates coverage

NEW DELHI: Shares of Aurobindo Pharma closed with gains of 4.10 per cent in trade on Tuesday as analysts make a bee-line to add the stock to their portfolio.

The latest in the line is Credit Suisse which initiated its coverage on the stock with an outperform rating and target price of Rs 950.

Aurobindo on Friday had also received approval from the US Drug and Food Agency to manufacture and market Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg.

Reacting to the development, the scrip gained 4.40 per cent to hit a high of Rs 807on the BSE. The stock has slipped 9 per cent in the calendar year so far.

Last week Aurobindo managed to receive three more approvals from the USFDA for Amlodipine and Valsartan Tablets, Famotidine Tablets (OTC), and Oxymorphone Hydrochloride Tablets.