New Delhi, Oct. 27 -- Pharmaceutical and biotechnology company Symbiotec Pharmalab, which made its debut on Indian stock exchanges in September, has received a bullish outlook from domestic brokerage firm JM Financial.

Indore-based Symbiotec is a research- and development-driven pharmaceutical and biotechnology company with capabilities across three platforms: organic chemistry, biotechnology, and complex injectables.

In its latest note, JM Financial initiated coverage on the stock with a Buy rating and a target price of Rs.1,622 per share, indicating an upside of around 27% from the previous closing price.

The brokerage's bullish outlook stems from Symbiotec's leadership in corticosteroid and steroid hormone active pharmaceutical ingr...