Molbio Diagnostics shares rally 9% as Jefferies initiates 'high conviction top pick' call for recently listed stock. Why is it bullish?
Molbio Diagnostics shares jumped after Jefferies initiated coverage with a Buy rating and named it a high-conviction top pick. The brokerage set a Rs 1,600 target price, implying 27% upside from Tuesday’s close and nearly 98% above its Rs 807 IPO price. The stock had listed at a 21% premium at Rs 980.
Molbio Diagnostics' stock surged over 9% on Wednesday following Jefferies' decision to initiate coverage on the newly listed company with a high conviction top pick rating. This bullish sentiment stems from Jefferies’ assessment that Molbio is an innovation-led medical technology firm, focusing on developing next-generation diagnostic platforms to tackle significant healthcare issues.
The brokerage maintains that Molbio is among the rare Indian innovation-driven companies that have already demonstrated success with its flagship Truenat platform, along with several more products in the pipeline for long-term growth.
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