CLSA reiterates ‘sell’ rating for Biocon with price target of Rs 240 – News 24-7 Live News 24-7 Live
CLSA reiterates ‘sell’ rating for Biocon with price target of Rs 240

CLSA reiterates ‘sell’ rating for Biocon with price target of Rs 240

  • The brokerage note stated that though Ogivri and Fulphila outperformed their peers, Semglee still seems tepid.
  • CLSA adds that while trends are encouraging, competition may rise for Ogivri and Fulphila.

Brokerage firm CLSA has reiterated the ‘sell’ rating for Biocon and set a target price of Rs 240 for the stock. The brokerage note stated that though Ogivri and Fulphila outperformed their peers, Semglee still seems tepid.”The market share for key similar bioproducts have improved in the US for February 2021, resulting in Biocon’s share in Ogivri rising 40 basis points month-on-month to reach 7.9 percent with a small 20 basis points share gain in Fulphila,” the CLSA note stated.

CLSA said that while trends are encouraging, competition may rise for Ogivri and Fulphila, which may limit market share gains despite its first-mover advantage. Consensus estimates may continue to be downgraded, the note said.

News Source: CNBC TV 18

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