Glenmark Pharma shares surge on hope of US business revival

Glenmark Pharmaceuticals shares surged over 5 per cent to Rs 971.10 on Wednesday on hopes of revival in the US business.

According to market analysts, recovery in the company's business in the States is on the cards given it has received four approvals from the US Food and Drug Administration (FDA) in the past month for its Rufinamide, Desmopressin, Calcipotriene and Levonorgestrel drugs.

Analysts expect more approvals in the coming months, translating into a near 20 per cent growth for Glenmark Pharma's US business.

CLSA has set a target price of Rs 1,060 for the stock. According to the investment firm, the pharma major is at the cusp of a revival with pick-up in US approvals.

In the past six trading sessions, shares of Glenmark Pharmaceuticals have jumped around 9 per cent to Rs 924.05 on June 16.

(With inputs from Reuters)