Davy Stockbrokers is highlighting Bioglan Pharma as a good bet for investors at the moment. The decline in its share price is now overdone, it says.

For the first time since its stock market listing in December 1998 Bioglan's share price has recorded a sustained period of underperformance. Since the beginning of March, the shares have fallen from a high of 903p to its current levels of around 475p, down 47 per cent.

The company has however brought in a strong set of full-year results, with pre-tax profits up 74 per cent to £11.5 million sterling (€18.97 million) on the back of a 39 per cent increase in revenues to £60.5 million.

Davy has now raised its profits forecast for the company from £12.4 million sterling to £16.5 million sterling which translates into an adjusted earnings per share of 13.9p up from its earlier forecast of 11.6p. With its growth profile intact and forecasts raised the recent pull-back in the Bioglan share price is overdone according to Davy.