BAJAJ BROKING
In this latest stock recommendation from Bajaj Broking's Research Team, Biocon Limited, a leading biotechnology company, has been identified as a key stock to watch. Biocon has shown promising signs of growth both fundamentally and technically, making it an interesting opportunity for investors looking to capture a potential 12% upside in a duration of 35 days. This analysis delves into Biocon’s business prospects, its recent strategic developments, and the technical setup that signals a possible breakout.
Biocon, known for its focus on manufacturing biotechnology products and providing research services, recently announced a significant deal. The company entered into an exclusive licensing and supply agreement with Handok, a South Korean pharmaceutical leader, to commercialize its complex drug product, Synthetic Liraglutide, which is used for chronic weight management. This collaboration will allow Biocon to handle the drug's development, manufacturing, and supply, while Handok will focus on regulatory approvals and commercialization in South Korea.
The GLP-1 market in South Korea alone is valued at $47 million, presenting a lucrative opportunity for Biocon. Beyond South Korea, Biocon has already secured regulatory approval for Liraglutide in the UK, tapping into a $425 million market for diabetes and weight management drugs. This dual opportunity solidifies Biocon’s standing as a significant player in the biopharma industry.
On the technical front, Biocon’s stock price has displayed strong bullish behaviour. A major breakout above a multi-year falling supply line, connecting the highs of CY20 and CY22, indicates a potential structural turnaround. The stock has been trading with higher highs and higher lows, suggesting a long-term uptrend.
Recent corrections in the stock price offer a fresh buying opportunity. Technical indicators, such as the Relative Strength Index (RSI) above 60 and increasing trading volumes, support the bullish outlook. According to Bajaj Broking’s analysis, Biocon is expected to extend up move and head towards 412 levels in the coming months being the 80% retracement of the previous breather ( 482-191). This represents a 12% upside within a 35-day horizon, with a buying range between ₹362-369 and a stop loss at ₹344.
For investors seeking an attractive opportunity in the biotechnology sector, Biocon presents a solid case for investment. Backed by a strong fundamental outlook and a bullish technical setup, this stock is poised for a 12% upside in the coming month. The Bajaj Broking Research Team recommends a buying range of ₹362-369 with a target price of ₹412 and a stop loss at ₹344. This Alpha Trade is ideal for traders looking for a mid-term gain in the biotechnology space.
Note: The figure mentioned are as on 19th Sept 12:45 PM. For more details of this recommendation, you can check out this report by Bajaj Broking Research Desk.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Star Health Insurance Data Breach Exposes 3.1 Cr Customers' Sensitive Info
10 Oct, 2024 | 2 Min. read
Adani Enterprises Launches ₹4,200 Cr QIP for Expansion and Debt Repayment
10 Oct, 2024 | 2 Min. read
TCS to Announce Q2 Results Today, Focus on Revenue and Profit Growth
10 Oct, 2024 | 2 Min. read
GR Infraprojects Secures ₹903.5 Crore Nagpur Metro Project Contract
10 Oct, 2024 | 2 Min. read
Share Market Today | Gift Nifty Positive Amid Firm Global Cues
10 Oct, 2024 | 4 Min. read
Gold Rate Today | Gold Declines for Sixth Consecutive Day
10 Oct, 2024 | 2 Min. read
Commodities Market Today | Oil Prices Drop Further, Brent Down 0.78%
10 Oct, 2024 | 2 Min. read
IREDA Q2 2024 Results: 36.2% YoY Growth in PAT to ₹387.75 Crores
10 Oct, 2024 | 4 Min. read
TCS Q2 Results Revenue Grows 7.6% YoY, Net Profit at ₹11,909 crore
10 Oct, 2024 | 3 Min. read
Crizac IPO Price, Date, Objective, Analysis & How to Apply
10 Oct, 2024 | 3 Min. read
Commodities Market Today | Crude Oil Futures Drop 4% Amid Paused Geopolitical Rally
09 Oct, 2024 | 1 Min. read
Share Market Today | Gift Nifty Signals Flat To Positive Start, Consolidation Ahead
09 Oct, 2024 | 4 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading