Stock market analyst Somil Mehta of Sharekhan is of the view that investors can `buy' Biocon Ltd stock with a target of Rs 308.

According to analyst, the investors can buy the stock with a stop loss of Rs 285.

Today, the stock of the company opened at Rs 293.50 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 311 and a low of Rs 181.90 on BSE.

Current EPS & P/E ratio stood at 14.66 and 20.16 respectively.

Biocon Ltd declared that it has created a strategic shift in its development strategy with biosimilar drugs, which are projected to garner over a quarter of its earnings by 2015.

Biosimilar medicines, which include insulin and various vaccines, are made through biological processes and not by chemical synthesis.

The company has decided to tap the growing market regions of Latin America, North Africa, China, Korea, India and Russia.

Biocon and Optimer Pharmaceuticals, on May 25, inked a long-term supply deal for the commercial production of the active pharmaceutical ingredient fidaxomicin.

Fidaxomicin is the Optimer's top product candidate for curing CDI.

Pedro Lichtinger, president and chief executive officer (CEO) of Optimer stated, "This long-term agreement with a world-class manufacturing expert such as Biocon is an important step in establishing a stable supply of fidaxomicin in the event it is approved. For the past five years, Biocon has been an important partner in our fidaxomicin development program and we look forward to continuing the relationship."