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

Dr. Reddy’s Laboratories Limited (NYSE:RDY) gapped down before the market opened on Thursday . The stock had previously closed at $15.32, but opened at $14.90. Dr. Reddy’s Laboratories shares last traded at $14.87, with a volume of 96,325 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Nomura lowered shares of Dr. Reddy’s Laboratories from a “buy” rating to a “neutral” rating in a report on Thursday, December 19th. Barclays lowered their price objective on Dr. Reddy’s Laboratories from $17.40 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, StockNews.com downgraded Dr. Reddy’s Laboratories from a “buy” rating to a “hold” rating in a report on Friday, December 6th.

Dr. Reddy’s Laboratories Trading Up 0.5 %

The stock has a market cap of $12.44 billion, a P/E ratio of 23.82 and a beta of 0.51. The firm’s 50 day simple moving average is $14.86 and its two-hundred day simple moving average is $15.55. The company has a quick ratio of 1.36, a current ratio of 1.92 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

Several hedge funds and other institutional investors have recently made changes to their positions in RDY. Farther Finance Advisors LLC grew its stake in shares of Dr. Reddy’s Laboratories by 43.2% in the third quarter. Farther Finance Advisors LLC now owns 454 shares of the company’s stock worth $36,000 after purchasing an additional 137 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Dr. Reddy’s Laboratories by 6.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,945 shares of the company’s stock valued at $377,000 after buying an additional 316 shares in the last quarter. Van ECK Associates Corp increased its stake in Dr. Reddy’s Laboratories by 64.3% during the 3rd quarter. Van ECK Associates Corp now owns 823 shares of the company’s stock valued at $64,000 after buying an additional 322 shares during the period. Aprio Wealth Management LLC raised its position in shares of Dr. Reddy’s Laboratories by 14.2% during the 3rd quarter. Aprio Wealth Management LLC now owns 3,055 shares of the company’s stock worth $243,000 after buying an additional 380 shares in the last quarter. Finally, Lifestyle Asset Management Inc. lifted its stake in shares of Dr. Reddy’s Laboratories by 3.2% in the 3rd quarter. Lifestyle Asset Management Inc. now owns 13,689 shares of the company’s stock worth $1,088,000 after acquiring an additional 422 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Dr. Reddy’s Laboratories Company Profile

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.