Dr. Reddy’s Laboratories Ltd (NYSE:RDY) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Friday, July 14th.
According to Zacks, “Dr. Reddy’s enjoys a strong position in the generics market. The company is also working with Merck Serono to develop and commercialize a portfolio of biosimilar compounds in oncology, primarily focused on MAbs. Dr. Reddy’s efforts to create a strong position in the biosimilar market are laudable. However, Dr. Reddy’s top-line is under pressure due to continuous price increases, plus supply constraints impacting the North America Generics business. Sales are declining in North America mainly due to stiff competition for valganciclovir, decitabine and azacitidine, coupled with discontinuation of the McNeil business. Sales of these two products are expected to suffer by competition in the coming quarters. The company also faces a fierce rivalry by other generic players. Shares of the company have underperformed the Zacks categorized Medical Generics Drugs industry year to date.”
Separately, Deutsche Bank AG upgraded Dr. Reddy’s Laboratories from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold”.
Shares of Dr. Reddy’s Laboratories (NYSE:RDY) opened at 31.18 on Friday. The company has a 50 day moving average price of $39.33 and a 200 day moving average price of $41.03. Dr. Reddy’s Laboratories has a 12-month low of $30.22 and a 12-month high of $50.10. The company has a market capitalization of $5.17 billion, a P/E ratio of 29.17 and a beta of 0.33.
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A number of institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its position in shares of Dr. Reddy’s Laboratories by 101.6% in the second quarter. First Trust Advisors LP now owns 334,993 shares of the company’s stock worth $14,117,000 after buying an additional 168,851 shares during the last quarter. Commonwealth Bank of Australia raised its position in shares of Dr. Reddy’s Laboratories by 5.1% in the second quarter. Commonwealth Bank of Australia now owns 3,452,533 shares of the company’s stock worth $145,488,000 after buying an additional 168,818 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Dr. Reddy’s Laboratories during the first quarter worth about $5,893,000. Renaissance Technologies LLC purchased a new position in shares of Dr. Reddy’s Laboratories during the first quarter worth about $4,425,000. Finally, Wellington Management Group LLP raised its position in shares of Dr. Reddy’s Laboratories by 119.3% in the first quarter. Wellington Management Group LLP now owns 170,060 shares of the company’s stock worth $6,828,000 after buying an additional 92,507 shares during the last quarter. 15.17% of the stock is owned by hedge funds and other institutional investors.
About Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories Limited is a 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. The Global Generics segment includes manufacturing and marketing prescription and over-the-counter finished pharmaceutical products ready for consumption by the patient, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).
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