Dr. Reddy’s Laboratories Ltd. (RDY) Shares Gap Down to $46.04
Dr. Reddy’s Laboratories Ltd. (NYSE:RDY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $45.48, but opened at $46.04. Dr. Reddy’s Laboratories shares last traded at $46.97, with a volume of 142,027 shares.
A number of research firms recently commented on RDY. Zacks Investment Research lowered shares of Dr. Reddy’s Laboratories from a “buy” rating to a “strong sell” rating in a research note on Thursday, July 28th. HSBC downgraded shares of Dr. Reddy’s Laboratories from a “hold” rating to a “reduce” rating in a research report on Wednesday, July 27th. Jefferies Group downgraded shares of Dr. Reddy’s Laboratories from a “hold” rating to an “underperform” rating and cut their target price for the stock from $45.00 to $41.90 in a research report on Wednesday, July 27th. Finally, Credit Suisse Group AG downgraded shares of Dr. Reddy’s Laboratories from a “neutral” rating to an “underperform” rating in a research report on Tuesday, July 26th. Five research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $51.45.
The firm’s 50-day moving average price is $46.65 and its 200-day moving average price is $46.49. The firm has a market cap of $7.77 billion and a price-to-earnings ratio of 35.70.
Dr. Reddy’s Laboratories (NYSE:RDY) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.00 earnings per share for the quarter. The business had revenue of $479 million for the quarter, compared to the consensus estimate of $557 million. Analysts forecast that Dr. Reddy’s Laboratories Ltd. will post $1.33 earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Dr. Reddy’s Laboratories stock. Morgan Stanley raised its position in Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) by 366.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.
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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