IDFC-SSKI Securities maintains 'neutral' rating on Glenmark
IDFC-SSKI Securities has maintained its ‘neutral’ rating on Glenmark while trimming its price target to Rs 239.
By ET Bureau |
Glenmark Pharma
CMP: Rs 207
TARGET PRICE: Rs 239
IDFC-SSKI Securities has maintained its ���neutral��� rating on Glenmark while trimming its price target to Rs 239 after the company���s lead molecule in the anti-respiratory space, Oglemilast, has failed the Phase IIB trials. ���We believe these results are a significant near-term setback to the Glenmark���s NCE (new chemical entity) research programme,��� the institutional brokerage said in a report.
���This is a significant blow for Glenmark, whose base business has also been struggling with a spiralling debt burden and growth challenges across multiple geographies,��� it said. ���The failure of Oglemilast now leaves Glenmark with only one significant molecule, i.e. Melogliptin in its NCE portfolio, which is in late-stage trials,��� the brokerage added in its note.
CMP: Rs 207
TARGET PRICE: Rs 239
IDFC-SSKI Securities has maintained its ���neutral��� rating on Glenmark while trimming its price target to Rs 239 after the company���s lead molecule in the anti-respiratory space, Oglemilast, has failed the Phase IIB trials. ���We believe these results are a significant near-term setback to the Glenmark���s NCE (new chemical entity) research programme,��� the institutional brokerage said in a report.
���This is a significant blow for Glenmark, whose base business has also been struggling with a spiralling debt burden and growth challenges across multiple geographies,��� it said. ���The failure of Oglemilast now leaves Glenmark with only one significant molecule, i.e. Melogliptin in its NCE portfolio, which is in late-stage trials,��� the brokerage added in its note.
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