The USFDA has given a positive report after visiting its manufacturing plant in Goa after four years. Since then, Lupine’s shares have seen a rise.
Shares of the pharma company Lupine, which was once included in Rakesh Jhunjhunwala’s portfolio, climbed ten percent on Tuesday. However, on Wednesday, it has again registered a decline of two percent. By the way, this stock has fallen eight percent since the beginning of this year. But now the hope of this stock rising again has started increasing. In fact, the US Foods and Drugs Administration (USFDA) has given a positive report after visiting its manufacturing plant in Goa after four years. Since then, Lupine’s shares have seen a rise.
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Share analysts gave a neutral outlook
Although this is a positive development for the company, some leading stock analysts have given it a neutral outlook. He says that many issues of the company are yet to be resolved. The valuation of this stock is such that its chances of climbing have been limited. Rakesh Jhunjhunwala has exited this stock. His name was not among the investors holding more than one per cent stake since September 30. According to the rules, the company has to disclose the names of investors holding more than one percent stake in the stock exchange.
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Axis Securities gives BUY rating
The US market accounts for more than 38 percent of Lupine’s fiscal year 2020-21 revenue. The company’s USFDA compliance has not been stable during the last four years. According to the company management, applications for preparing more than 20 medicines of Goa Facility are still pending. ICICI Direct says that the company’s shares are showing an increase after the USFDA gave a positive report about it after the inspection of Lupine’s plant. However, Axis Securities has given it a BUY rating with a target price of 1,100.
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