Natco Pharma Shares Jump Over 13% After FY24 Profit Guidance Raise
The company also announced launches of two-three unique products in the coming 12-18 months
Shares of Natco Pharma Ltd. jumped over 13% on Friday after the company raised its net profit guidance for the ongoing financial year, and announced new product launches.
Natco Pharma raised the guidance for profit after tax to over Rs 1,200 crore, from Rs 1,000-1,200 crore earlier, the company said in a post earnings conference call on Thursday.
The pharmaceutical company also announced launches of two-three unique products in the coming 12-18 months. It is planning to deliver five-six complex products, like peptides.
Natco Pharma feels confident about its growth the U.S. on promising pipelines, including FTF products, such as olaparib and semaglutide, it said.
Shares of the company rose as much as 13.85%, the highest level since Aug. 13, 2021, before paring gains to trade 12.79% higher at 11:08 a.m. This compares to a 0.60% advance in the NSE Nifty 50.
The stock has risen 86.07% in 12 months. Total traded volume so far in the day stood at 21 times its 30-day average. The relative strength index was at 80.51, implying the stock was overbought.
Of the 15 analysts tracking the company, eight maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 3.1%.