Nomura has maintained neutral call on Cipla and cut target to Rs 588 from Rs 714 per share.
Shares of pharma major Cipla gained over 1 percent in the early trade on Monday after company received final approval for generic version of Roche's Valcyte.
The company has received final approval for its abbreviated new drug application (ANDA) for Valganciclovir tablets 450mg from the United States Food and Drug Administration (USFDA).
Cipla’s Valganciclovir Tablets 450mg is AB-rated generic therapeutic equivalent version of Roche’s Valcyte. It is a deoxynucleoside analogue cytomegalovirus (CMV) DNA polymerase inhibitor indicated for use in the treatment of CMV retinitis in patients with acquired immunodeficiency syndrome (AIDS) and prevention of CMV disease in kidney, heart, and kidneypancreas transplant patients at high risk.
The product is available for shipping immediately.
Nomura has maintained neutral call on Cipla and cut target to Rs 588 from Rs 714 per share.
Nomura feels that despite strong US, the uncertainty in EMs could hit valuation multiples. It has not factored in potential downside to margin from investments in US specialty.
The US launches should play out strongly in H2FY19, Nomura added.
It cut earnings estimates by 11%/13%/8% for FY19/20/21.
At 09:17 hrs Cipla was quoting at Rs 531.30, up Rs 4.50, or 0.85 percent on the BSE.
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