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

Dr. Reddy’s Laboratories Limited (NYSE:RDY)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $15.57, but opened at $15.91. Dr. Reddy’s Laboratories shares last traded at $16.00, with a volume of 161,061 shares traded.

Wall Street Analyst Weigh In

RDY has been the subject of several research analyst reports. Nomura lowered Dr. Reddy’s Laboratories from a “buy” rating to a “neutral” rating in a research note on Thursday, December 19th. Barclays decreased their price objective on Dr. Reddy’s Laboratories from $17.40 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Finally, StockNews.com lowered Dr. Reddy’s Laboratories from a “buy” rating to a “hold” rating in a research note on Friday, December 6th.

Dr. Reddy’s Laboratories Stock Performance

The company has a market capitalization of $13.24 billion, a P/E ratio of 25.34 and a beta of 0.53. The company’s 50 day moving average is $14.78 and its 200-day moving average is $15.44. The company has a current ratio of 1.92, a quick ratio of 1.36 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Dr. Reddy’s Laboratories by 318.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,900 shares of the company’s stock valued at $28,411,000 after buying an additional 283,700 shares during the period. Fisher Asset Management LLC increased its position in Dr. Reddy’s Laboratories by 59.4% during the third quarter. Fisher Asset Management LLC now owns 491,303 shares of the company’s stock valued at $39,034,000 after acquiring an additional 183,146 shares during the last quarter. Millennium Management LLC increased its position in Dr. Reddy’s Laboratories by 61.4% during the second quarter. Millennium Management LLC now owns 332,502 shares of the company’s stock valued at $25,333,000 after acquiring an additional 126,472 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Dr. Reddy’s Laboratories by 12.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,003,782 shares of the company’s stock valued at $76,455,000 after acquiring an additional 114,294 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Dr. Reddy’s Laboratories by 219.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 155,481 shares of the company’s stock worth $12,353,000 after acquiring an additional 106,796 shares during the last quarter. 3.85% of the stock is owned by hedge funds and other institutional investors.

About Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories Limited, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide. It operates through Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Others segments. The company’s Global Generics segment manufactures and markets prescription and over-the-counter finished pharmaceutical products that are marketed under a brand name or as a generic finished dosages with therapeutic equivalence to branded formulations, as well as engages in the biologics business.