The brokerage has double-downgraded its rating on Aurobindo Pharma to “underperform” from its earlier rating of “outperform” and cut its price target to ₹1,010 apiece from the previous ₹1,700 per share.
It also downgraded Dr Reddy’s Laboratories
‘ rating to “neutral” from the earlier rating of “outperform” and cut its price target from ₹1,450 to ₹1,190 apiece.
Macquarie has maintained its “outperform” rating on Cipla, Zydus Lifesciences and Lupin, but cut their targets to ₹1,700 (₹1,875 earlier), ₹1,110 (From ₹1,365 earlier) and ₹2,350 (from ₹2,515 earlier), respectively.
Lastly, Macquarie reiterated its “outperform” rating on Sun Pharma with a price target of ₹2,135 apiece, due to its minimal exposure to the US generics business.
Here is a round up of the analyst coverage on the mentioned stocks:
| Stock | Buy | Hold | Sell |
| Aurobindo Pharma | 22 | 2 | 5 |
| Dr. Reddy’s | 17 | 9 | 13 |
| Cipla | 24 | 7 | 7 |
| Zydus Life | 14 | 12 | 7 |
| Lupin | 24 | 10 | 4 |
| Sun Pharma | 35 | 5 | 3 |
Revlimid, a medication developed by Celgene, now under Bristol Myers Squibb (BMS), is prescribed for various blood cancer patients.
BMS, the American pharmaceutical firm, reached agreements with several generic companies to distribute restricted quantities of generic Revlimid in the US beginning March 2022.
Generic versions of Revlimid were permitted to be sold in limited volumes starting March 2022 until January 2026.
Natco, in collaboration with Teva, led the launch, followed by Dr. Reddy’s, Cipla, Zydus, and others.
Pharma stocks were trading largely lower on Tuesday, July 8. The Nifty Pharma index was down 1.1% around 1.45 pm. Barring Gland Pharma, Divi’s Laboratories, Ipca Labs, Natco Pharma and Mankind Pharma, the remaining 15 stocks in the index were trading up to 3.5% lower.
Also Read: Divi’s Laboratories shares get an upgrade from HSBC who raises price target by 57%
