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

Dr. Reddy’s Laboratories Ltd (NYSE:RDY)’s share price gapped up before the market opened 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 cut shares of Dr. Reddy’s Laboratories from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Dr. Reddy’s Laboratories currently has a consensus rating of “Hold” and an average price target of $16.90.

Dr. Reddy’s Laboratories Stock Up 6.3%

The firm has a market capitalization of $11.39 billion, a P/E ratio of 17.72, a PEG ratio of 19.84 and a beta of 0.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.38 and a current ratio of 1.88. The business’s fifty day moving average price is $13.86 and its two-hundred day moving average price is $13.88.

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

Institutional Trading of Dr. Reddy’s Laboratories

A number of institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC boosted its holdings in shares of Dr. Reddy’s Laboratories by 174.6% in the 1st quarter. Venturi Wealth Management LLC now owns 40,360 shares of the company’s stock valued at $559,000 after buying an additional 25,660 shares in the last quarter. Aaron Wealth Advisors LLC bought a new stake in shares of Dr. Reddy’s Laboratories in the 1st quarter valued at about $202,000. Assenagon Asset Management S.A. bought a new stake in shares of Dr. Reddy’s Laboratories in the 1st quarter valued at about $1,898,000. SG Americas Securities LLC bought a new stake in shares of Dr. Reddy’s Laboratories in the 1st quarter valued at about $1,140,000. Finally, E. Ohman J or Asset Management AB boosted its holdings in shares of Dr. Reddy’s Laboratories by 21.2% in the 1st quarter. E. Ohman J or Asset Management AB now owns 40,000 shares of the company’s stock valued at $554,000 after buying an additional 7,000 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors.

Dr. Reddy’s Laboratories Company Profile

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.