On June 13, Mankind Pharma shares soared 4%, hitting a 52-week high at Rs 1,540, after the foreign brokerage firm JP Morgan began to share coverage of the pharmaceutical company, giving an ‘overweight’ rating and a target price of Rs 1,700. It implies a 10% upside from June 13’s high.

At 9:21 am, Mankind Pharma shares were trading at Rs 1,515, up 2.7% on the BSE.

The stock has sent 37% returns since its listing in May 2023. The brokerage firm highlighted that Mankind Pharma had become the fastest-growing domestic pharmaceutical company, being a leader.

Mankind Pharma has steadily outperformed the industry amid solid volume growth, JP Morgan said. It believes that the pharmaceutical company will continue to gain market share. JP Morgan has projected a revenue and earnings growth of 15% and 22%, respectively, on a combined annual basis over FY23-26.

Besides, Nirmal Bang Institutional Equities initiated also gave coverage on the stock, stating Mankind Pharma is one of a kind with a pure domestic play.

Mankind Pharma is mainly a pure-play domestic level with about 97% domestic sales in FY23. The domestic market’s involvement is also the highest amongst large-cap domestic pharma aristocrats. This adds up to the greater revenue visibility against the milieu of uncertain export growth, particularly in the generic segment, the domestic brokerage firm added.