Zydus Lifesciences shares extend losses to third day; is there any opportunity?
Zydus Lifesciences share price NSE: The pharmaceutical company received final approval from the US drug regulator, the US Food and Drug Administration, for its clindamycin phosphate gel, used in the treatment of acne. Clindamycin is an antibiotic which works by stopping the growth of bacteria.
Zydus Lifesciences share price NSE: Zydus Lifesciences shares gave up initial gains amid volatile trade on Thursday, mirroring an overall weak session on Dalal Street. The Zydus Lifesciences stock declined as much as 1.7 per cent, to touch day's low of Rs 613.85 apiece on NSE, continuing to fall for the third session in a row. The pharmaceutical company received final approval from the US drug regulator, the US Food and Drug Administration, for its clindamycin phosphate gel, used in the treatment of acne. Clindamycin is an antibiotic which works by stopping the growth of bacteria. Zydus Lifesciences shares ended at Rs 617, 1.24 per cent lower on NSE.
In a regulatory filing post-market hours on Wednesday, the company said the drug will be manufactured at the group’s topical manufacturing facility at Changodar in Ahmedabad. The gel has annual sales to the tune of $37 million in the US.
Zydus Life share price target: Here is what Jefferies suggests
Jefferies maintained a 'hold' rating on Zydus Lifesciences with a price target of Rs 630, saying that it expects the company to “evolve new lines of growth in next 3-5 years”. The brokerage’s target, however, implies less than one per cent upside from the stock’s closing price on Wednesday.
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According to the brokerage, new drivers for the company will be based on vaccines, bio-similars in emerging markets including India, and new biological entities, new chemical entities and complex generics for the US.
Jefferies said that risks associated with the company’s mesalamine delayed release Asacol HD drug are overstressed.
Zydus Lifesciences shares: Past performance
Zydus Lifesciences shares have rewarded investors with a return of nearly 70 per cent in the past year, outperforming gains to the tune of 22 per cent and 11.4 per cent in the Nifty Pharma and Nifty50 indices, respectively.