India's Biocon falls as Jefferies downgrades to 'underperform'

Syngene International

20/02/2024 04:27

** Shares of Biopharmaceutical co Biocon  BION.NS  down
~2.5% at 284 rupees 
    ** Jefferies downgrades stock to "underperform" from "hold",
keeps PT unchanged at 250 rupees  
    ** Jefferies says downgrades will continue due to lack of
launches in the biosimilars segment, weak FY25 outlook for unit
Syngene  SYNN.NS  
    ** Given muted revenue growth and margin pressure, we
believe free cash flow will remain weak for Biocon - Jefferies 
    ** Last month, UBS downgraded SYNN to "sell" due to concerns
on near-term revenue growth
    ** Avg rating of 17 analysts covering BION is "hold," their
median PT is 272.50 rupees 
    ** Biocon stock has been underperforming in the pharma
index; since start of 2023 BION up ~8.5% vs a ~50% gain in Nifty
Pharma Index  .NIPHARM  

    

 (Reporting by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))