Shares of Biocon surged as much as 6 percent on Thursday after BofA Securities retained their "buy" call on the biopharmaceutical company’s stock with a target price at Rs 415 per share.

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According to BofA Securities, the stock provides an upside potential on three factors:

continued earnings momentum from recent product launches,

catalysts from upcoming key approvals

value unlocking opportunity in its biosimilar segment over the medium term

The stock has gained more than 4 percent in this week so far.

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The company has evolved into a global integrated biosimilar player post completion of pending Viatris portfolio acquisition, the brokerage firm noted.

Earlier this week, Biocon chief Kiran Mazumdar Shaw told CNBC-TV18 in an interaction that she believes Biocon is at the cusp of a growth wave.

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Mazumdar is of the view that big pharma players looking to vacate the biosimilar space, a rise in demand for biosimilars, a comprehensive portfolio of insulins and huge investments by the firm would lead to a growth wave for her company.

She added that the third quarter of FY23 will see a lot of launches for the company. By this year-end, she expects to receive approval for Bevacizumab.

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