Gland Pharma Ltd. shares jumped for a third straight session on Thursday, recovering 9 percent cumulatively during this period.

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The stock jumped as much as 1.8 percent to hit an intraday high of Rs 1,267.45 apiece on Thursday. The stock had closed 5.5 percent higher on Tuesday and gained another 1.7 percent on Wednesday.

Shares have now recovered over 12% from their 52-week low of Rs 1,130.4.

Gland Pharma has been under pressure after the company reported poor numbers in the December 2022 quarter with its consolidated revenue declining 11.8 percent year-on-year due to weak performance in geographies such as India (a fall of 58 percent) and the United States (down 1.1 percent).

EBITDA margin also declined during the quarter, while net profit fell due to lower operating profitability.

The management told analysts that the next six quarters would remain "challenging" for the company. While supply issues may settle in the next few months, competitive intensity, particularly in the US may aggravate.

The company had already incurred a capex of Rs 125 crore in the nine months ended December and is expected to incur additional capex of Rs 100 crore in the second half of FY23.

After its December quarter earnings, Axis Securities gave a neutral view on the stock. In a research report dated January 24, the brokerage firm said, “FY23 seems to be flat revenue growth due to increased competition and moderation demand for Gland. Therefore, we recommend a ‘HOLD’ rating on the stock with a target price of Rs 1,500 per share.”

However, despite the recovery from the lows, the stock is still down over 60 percent during the last one year.

Shares of Gland Pharma are trading 2.75 percent higher at Rs 1,280.

(Edited by : Rukmani Krishna)