This is what i think
1 – GLS has always been a kind of under the radar stock since its listing and not the fancy ones we have in market so some of the underperformance was related to that. You rightly pointed out the PE range. Apart from that even the Price/sales ratio came close to 1 or below one during that time. You can imagine the perception market had that time 
Throughout this period they were able to manage their margins even though their earnings were volatile like their peers.
2 – Not sure if the liquidity actually increased substantially. Other than the 8% GPL had after Nirma take over, there is no additional liquidity.
3 – All pharma stocks have done well since last 2 months. I think GLS just joined the party. Results are yet to validate the surge in price but we never know how market treats a company
4 – Promotor change will definitely have impact on GLS. They have mentioned this many times in concalls that Nirma is more aggressive for growth. In fact they are trying to complete Solapur much earlier than planned, establishing own R&D center and investing more in technologies now. Also GPL being a large generic player itself had lot of Conflict of interest for GLS’s CDMO opportunity.
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