Syngene International Faces Stock Downgrade by UBS

Syngene International Faces Stock Downgrade by UBS

VoM News Desk | January 16, 2024 | 06:40 PM IST | Breaking News | Follow on Google News

Syngene International Faces Stock Downgrade by UBS

Syngene International Faces Stock Downgrade by UBS

Syngene International witnessed a more than 3% decline in its share price on Tuesday following UBS Global Research downgrading the stock to Sell.

The target price for Syngene International has been reduced from ₹875 to ₹700 by UBS, reflecting a 2% downside for the stock.

The share price has been on a downtrend since reaching a 52-week high of ₹860.20 in September.

UBS cited three key reasons for the downgrade, including subdued venture capital funding in the biotech space, leading to fewer early-stage discovery projects.

The analysts anticipate persistent pressure on Syngene’s revenue growth due to weak demand in the discovery and dedicated segments.

Additionally, the absence of Zoetis’s revenue in Q4 may result in mediocre growth.

VoM News Desk

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