Jefferies has initiated coverage on Anthem Biosciences with a Buy rating and Rs 1,050 target, implying around 20% upside. The brokerage is bullish on the company’s integrated CRDMO model, strong return ratios and growth prospects, forecasting 18% revenue CAGR through FY29. Key triggers include new commercial molecules and biosimilar launches, while customer concentration and high capex remain key risks.