Concord Biotech Shares Up 3% on Positive Outlook from Analysts
Concord Biotech shares were trading 3% higher on September 22nd after Kotak Institutional Equities and Antique Broking initiated coverage of the company with a positive outlook on the stock.
Both brokerages cited the company’s expertise in high entry barrier fermentation active pharmaceutical ingredients (API) segment and strong underlying demand trends as key reasons for their bullish stance.
Kotak Institutional Equities has an ‘add’ rating on the company’s stock and has set a target price of Rs 1,110 per share, while Antique Brokings has a ‘buy’ rating and has set a target price of Rs 1,340 per share.
At 1.45 pm, Concord Biotech stock was quoting at Rs 988.90, up Rs 22.45, or 2.32 percent on the NSE.
In its results for the April-June quarter, the company reported a 7.73% year-on-year (YoY) rise in revenue from operations at Rs 195 crore. Net profit for the quarter increased 10.20% YoY to Rs 54 crore. The operating profit margins for the quarter expanded by 100 basis points on a yearly basis to 37 percent.
Concord Biotech is engaged in the business of biotechnology and pharmaceuticals. The company specializes in the research, development, and manufacturing of active pharmaceutical ingredients (APIs) and intermediates for various therapeutic applications.
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