Dr.Reddy’s Laboratories (RDY) Rating Increased to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Dr.Reddy’s Laboratories (NYSE:RDY) from a hold rating to a strong-buy rating in a report published on Friday morning. The firm currently has $37.00 price target on the stock.
According to Zacks, “Dr. Reddy’s enjoys a strong position in the generics market. As of Jun 30, 2018, Dr. Reddy’s had 112 generic filings (109 abbreviated New Drug Applications [ANDAs] and three new drug applications) that are pending for the FDA approval. Of these 109 ANDAs, 61 were Para IV filings and 30 have first-to-file status. Approval of new generics should further bolster the portfolio. The company is also making inroads in the lucrative biosimilars market. In addition, the company’s focus on operational efficiencies helped in significantly improving its margin profile. Shares have outperformed the industry in the last twelve months. However, price erosion in the North America Generics market still persists. The European market is also witnessing a decline due to higher price erosion in some of the key molecules. Dr. Reddy’s is undertaking strategic measures to combat these challenges. “
Separately, ValuEngine upgraded shares of Dr.Reddy’s Laboratories from a sell rating to a hold rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $33.76.
Dr.Reddy’s Laboratories (NYSE:RDY) last released its quarterly earnings results on Tuesday, May 22nd. The company reported $0.28 earnings per share for the quarter. The company had revenue of $549.32 million during the quarter. Dr.Reddy’s Laboratories had a net margin of 9.41% and a return on equity of 11.74%. equities research analysts predict that Dr.Reddy’s Laboratories will post 1.35 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in RDY. Advisors Asset Management Inc. boosted its holdings in Dr.Reddy’s Laboratories by 29,814.7% during the second quarter. Advisors Asset Management Inc. now owns 863,638 shares of the company’s stock worth $119,000 after purchasing an additional 860,751 shares during the last quarter. NumerixS Investment Technologies Inc boosted its holdings in Dr.Reddy’s Laboratories by 115.0% during the second quarter. NumerixS Investment Technologies Inc now owns 4,300 shares of the company’s stock worth $140,000 after purchasing an additional 2,300 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Dr.Reddy’s Laboratories during the first quarter worth $214,000. Capital Fund Management S.A. acquired a new position in Dr.Reddy’s Laboratories during the second quarter worth $225,000. Finally, Natixis acquired a new position in Dr.Reddy’s Laboratories during the first quarter worth $228,000. Institutional investors and hedge funds own 10.04% of the company’s stock.
Dr.Reddy’s Laboratories Company Profile
Dr. Reddy's Laboratories Limited operates as an integrated pharmaceutical company worldwide. It operates through three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The 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 dosage with therapeutic equivalence to branded formulations.
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