Biocon’s stock has seen a significant surge today, rising by up to 4.44%, following an upgrade from Jefferies and a key regulatory approval for its subsidiary, Biocon Biologics.
The pharmaceutical giant’s share price hit an intraday high of ₹374.55, reflecting investor optimism after Jefferies raised its rating on the company from “Underperform” to “Hold” and increased its target price from ₹280 to ₹400.
The brokerage firm’s upgrade is based on improved growth visibility for Biocon’s biologics business, particularly in light of the company’s recent successes.
A major catalyst for the surge in Biocon’s stock comes from Biocon Biologics’ receipt of approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) for Ustekinumab BS, a biosimilar version of the popular drug Stelara.
This approval, which is intended for the treatment of Psoriasis Vulgaris and Psoriatic Arthritis (PsA), marks a significant milestone for Biocon Biologics, positioning the company for strong future growth in the Japanese market.
Under the partnership with Yoshindo Inc., Biocon Biologics will be exclusively marketing the biosimilar in Japan, a move expected to strengthen the company’s presence in one of the world’s largest healthcare markets.
The positive developments surrounding Biocon, coupled with Jefferies’ upgraded outlook, have sparked investor confidence, reflecting a growing belief in the company’s prospects within the biosimilar market and beyond.
With an increasing number of regulatory approvals, strong growth in its biologics division, and expanded market access, Biocon is well-positioned to continue its upward trajectory in 2025.
The upgrade by Jefferies signals that the company’s long-term outlook has improved significantly, and many are now keeping a close watch on its next steps in the rapidly evolving biopharmaceutical landscape.
As of today, Biocon’s share price remains one of the most closely watched in India’s pharmaceutical sector.
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