ZyCov-D covid vaccine
Cadila Healthcare's stock jumped over 8% to Rs 576.25 per share on the BSE intraday trade on Monday, following the approval of the ZyCov-D covid vaccine. On the other hand, the majority of brokerages have a sell, buy, or equal-weight rating on the stock price of the pharma major.The Drug Controller General of India (DCGI) granted the company an Emergency Use Authorization (EUA) for ZyCoV-D on Friday, August 20, 2021.
This is the world's first and India's first DNA-based COVID-19 vaccine to be delivered to humans, including children over the age of 12 and adults.The vaccination must be given in three doses: the first dosage, followed by doses 28 and 56 days later. Cadila Healthcare's ZyCov-D is the sixth Covid vaccine to be authorised in India.CLSA believes that Cadila Health's recent stock price drop provides an appealing entry position, and it raises the stock to a buy rating with a target price of Rs 650 per share. Multiple long-term drivers, according to the brokerage, should help it achieve double-digit core growth in FY23.While Citi predicts $420 million in sales and $150 million in profit for Cadila Healthcare from ZyCoV-D in the first full year.
With a target price of Rs 490 per share, the brokerage maintains a sell rating. ZyCov-D NPV at Rs 30 per share is incorporated in the brokerages' target price.According to Morgan Stanley, the launch of ZyCov-D should be a significant opportunity for Cadila Health as adoption picks up in the coming months. The stock has an Equal-weight rating and a target price of Rs 664 per share.Similarly, Zydus Cadila receives 180-day exclusivity for Tofacitinib extended-release 22 mg tablets from the US Food and Drug Administration, and announces final clearance (USFDA).On the BSE, the stock was trading 2.32 percent higher at Rs 547.6 per share at 11:30 a.m., vs a 0.34 percent rise in the S&P BSE Sensex on Monday.
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