Biocon’s shares caught fire on Tuesday, surging over 7%, after global heavyweight HSBC upgraded the stock to a ‘Buy’ and lifted its price target to ₹430 from ₹290. That’s not just a number—it’s an 18% potential upside from Monday’s close, and a shot of optimism for investors watching this stock closely. HSBC points to a looming operational turnaround. With fresh biosimilar launches in the pipeline and generics sales bouncing back, the brokerage sees Biocon’s engine revving up. The FDA’s recent clean chit for the company’s Malaysia plant—after concerns over manufacturing practices—only strengthens the narrative. Add to that the upcoming debut of biosimilar aspart, also from the Malaysia plant, and you’ve got a solid growth story taking shape. But HSBC isn’t the lone cheerleader. Jefferies bumped its rating to ‘Hold’ from ‘Underperform,’ raising the price target to ₹400, while Motilal Oswal joined the party with its own ‘Buy’ rating and a ₹430 target. Key regulatory wins, like the Malaysian plant’s upgrade to VAI (Voluntary Action Indicated) status, have unlocked the doors to the US market—a major playground for high-stakes biosimilar launches. Today’s rally pushed the stock to ₹391.40, just a hair away from its 52-week high of ₹395.65. This pharma star has climbed 60% since its 52-week low in March 2024 and has already notched up a 6% gain in January 2025 alone.