Dr. Reddy’s Laboratories (NYSE:RDY) Stock Price Up 4.7% – Here’s What Happened

Dr. Reddy’s Laboratories Limited (NYSE:RDY)’s stock price was up 4.7% during trading on Thursday . The company traded as high as $15.33 and last traded at $15.24. Approximately 411,879 shares traded hands during trading, a decline of 62% from the average daily volume of 1,071,964 shares. The stock had previously closed at $14.55.

Analyst Upgrades and Downgrades

RDY has been the subject of a number of recent research reports. Barclays dropped their price objective on Dr. Reddy’s Laboratories from $17.40 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Nomura cut shares of Dr. Reddy’s Laboratories from a “buy” rating to a “neutral” rating in a research note on Thursday. 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’s fifty day moving average price is $14.80 and its two-hundred day moving average price is $15.39. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.36 and a current ratio of 1.92. The firm has a market capitalization of $12.83 billion, a PE ratio of 24.55 and a beta of 0.53.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its stake in Dr. Reddy’s Laboratories by 3.4% during the second quarter. Renaissance Technologies LLC now owns 1,995,495 shares of the company’s stock worth $152,037,000 after acquiring an additional 65,606 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Dr. Reddy’s Laboratories by 12.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,003,782 shares of the company’s stock worth $76,455,000 after purchasing an additional 114,294 shares during the period. State Street Corp increased its position in Dr. Reddy’s Laboratories by 1.9% during the 3rd quarter. State Street Corp now owns 909,905 shares of the company’s stock worth $72,292,000 after purchasing an additional 16,641 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Dr. Reddy’s Laboratories by 59.4% in the third quarter. Fisher Asset Management LLC now owns 491,303 shares of the company’s stock valued at $39,034,000 after buying an additional 183,146 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Dr. Reddy’s Laboratories by 30.8% during the third quarter. BNP Paribas Financial Markets now owns 409,440 shares of the company’s stock valued at $32,530,000 after buying an additional 96,339 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company’s stock.

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.