Dr. Reddy’s Laboratories Ltd. (RDY) Shares Gap Up to $45.61
Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) gapped up prior to trading on Tuesday . The stock had previously closed at $45.50, but opened at $45.61. Dr. Reddy’s Laboratories shares last traded at $46.35, with a volume of 49,650 shares.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Dr. Reddy’s Laboratories from a “sell” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, July 12th. Goldman Sachs Group Inc. assumed coverage on shares of Dr. Reddy’s Laboratories in a report on Monday, May 2nd. They issued a “neutral” rating for the company. HSBC lowered shares of Dr. Reddy’s Laboratories from a “hold” rating to a “reduce” rating in a report on Wednesday, July 27th. Jefferies Group lowered shares of Dr. Reddy’s Laboratories from a “hold” rating to an “underperform” rating and cut their price target for the stock from $45.00 to $41.90 in a report on Wednesday, July 27th. Finally, Credit Suisse Group AG lowered shares of Dr. Reddy’s Laboratories from a “neutral” rating to an “underperform” rating in a report on Tuesday, July 26th. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $51.45.
The firm has a market capitalization of $7.63 billion and a price-to-earnings ratio of 35.06. The stock has a 50 day moving average price of $47.28 and a 200-day moving average price of $46.50.
Dr. Reddy’s Laboratories (NYSE:RDY) last announced its earnings results on Tuesday, July 26th. The company reported $0.00 earnings per share (EPS) for the quarter. The company had revenue of $479 million for the quarter, compared to analyst estimates of $557 million. On average, equities research analysts forecast that Dr. Reddy’s Laboratories Ltd. will post $1.33 EPS for the current fiscal year.
A hedge fund recently raised its stake in Dr. Reddy’s Laboratories stock. Morgan Stanley increased its position in Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) by 366.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 308,997 shares of the company’s stock after buying an additional 242,689 shares during the period. Morgan Stanley owned about 0.18% of Dr. Reddy’s Laboratories worth $14,303,000 as of its most recent SEC filing.
Dr. Reddy’s Laboratories Limited is an integrated global pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. Global Generics segment consists of its business of manufacturing and marketing prescription and over-the-counter (OTC) finished pharmaceutical products, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).
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