Mankind Pharma share price rallied over 4% to hit a fresh 52-week high on Tuesday after global brokerage house JPMorgan initiated coverage on the stock. The stock price jumped 4.4% and touched a 52-week high of ₹1,540 apiece on the BSE.
JPMorgan initiated its coverage on Mankind Pharma with an “Overweight” rating and a target price of ₹1,700 per share, implying an upside of over 10% from today’s high price.
The brokerage house believes Mankind Pharma is one of the fastest growing domestic pharma companies with a leadership in value.
The company has consistently outperformed the industry primarily on account of strong volume growth, JPMorgan said as it believes the company will continue to gain market share.
