Dr. Reddy’s Laboratories (NYSE:RDY) Shares Gap Up – Here’s What Happened

Shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) gapped up prior to trading on Thursday . The stock had previously closed at $12.84, but opened at $13.66. Dr. Reddy’s Laboratories shares last traded at $13.3650, with a volume of 754,102 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Dr. Reddy’s Laboratories from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Dr. Reddy’s Laboratories currently has a consensus rating of “Hold” and a consensus price target of $16.90.

Dr. Reddy’s Laboratories Stock Up 6.3%

The company has a market cap of $11.39 billion, a PE ratio of 17.72, a P/E/G ratio of 19.84 and a beta of 0.35. The company’s 50 day moving average is $13.86 and its 200 day moving average is $13.88. The company has a current ratio of 1.88, a quick ratio of 1.38 and a debt-to-equity ratio of 0.03.

Dr. Reddy’s Laboratories (NYSE:RDY) last posted its quarterly earnings results on Wednesday, January 21st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $969.81 million for the quarter, compared to the consensus estimate of $963.84 million. Dr. Reddy’s Laboratories had a net margin of 16.41% and a return on equity of 15.89%. As a group, analysts predict that Dr. Reddy’s Laboratories Ltd will post 0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. grew its holdings in Dr. Reddy’s Laboratories by 67.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,047 shares of the company’s stock worth $29,000 after acquiring an additional 821 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Dr. Reddy’s Laboratories by 803.8% during the 4th quarter. Russell Investments Group Ltd. now owns 3,091 shares of the company’s stock worth $43,000 after acquiring an additional 2,749 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Dr. Reddy’s Laboratories by 71.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company’s stock worth $47,000 after acquiring an additional 1,294 shares in the last quarter. Larson Financial Group LLC grew its holdings in Dr. Reddy’s Laboratories by 81.5% during the 4th quarter. Larson Financial Group LLC now owns 3,173 shares of the company’s stock worth $45,000 after acquiring an additional 1,425 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Dr. Reddy’s Laboratories by 217.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,568 shares of the company’s stock worth $50,000 after acquiring an additional 2,444 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors.

About Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.