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GLENMARK

up ~20% today! 🔥

🚀 Key Drivers Behind the 20% Surge 1. Major Licensing Deal with AbbVie Glenmark’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed a landmark licensing agreement with U.S. pharma giant AbbVie for its experimental cancer drug ISB 2001, currently in Phase 1 trials for multiple myeloma. AbbVie gains exclusive development and commercialization rights in North America, Europe, Japan, and China. Glenmark retains rights across Asia, Latin America, the Middle East, Africa, Australia, New Zealand, Russia/CIS, and South Korea . Financially, the deal includes a $700 million upfront payment plus up to $1.225 billion in milestone fees and tiered double‑digit royalties . 2. Record High Trading Levels & Technical Breakout The stock hit the 10% upper circuit limit early today and reached a 52‑week high, even touching ~Rs 2,284 before closing up ~20% . Technical analysts point to a bullish breakout from a key resistance zone, with momentum indicators flagging strong continuation potential. Brokerages like Motilal Oswal and Centrum suggest a “buy‑the‑dips” strategy with price targets between Rs 2,600–2,800 . 3. Institutional Buying & Mutual Fund Participation Major mutual funds have been increasing their holdings steadily—rising from ~9% in mid‑2023 to ~14.6% by March 2025—adding buying momentum . 4. Analyst Upgrades & Renewed Optimism Brokers are upgrading price targets: Motilal Oswal has raised their 12‑month target to Rs 2,430, citing the deal as a significant inflection point . Nomura described it as "possibly the biggest deal by an Indian company in biotech", forecasting an IPO for IGI once development milestones are met . Long‑term optimism is being reinforced by positive technical and sentiment indicators .