Dr. Reddy's Laboratories (NYSE:RDY) Shares Gap Up - Here's Why

Dr. Reddy's Laboratories Limited (NYSE:RDY - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $15.12, but opened at $15.46. Dr. Reddy's Laboratories shares last traded at $15.46, with a volume of 235,280 shares.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RDY shares. Nomura downgraded shares of Dr. Reddy's Laboratories from a "buy" rating to a "neutral" rating in a research report on Thursday. Barclays cut their target price on Dr. Reddy's Laboratories from $17.40 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. Finally, StockNews.com downgraded Dr. Reddy's Laboratories from a "buy" rating to a "hold" rating in a research note on Friday, December 6th.

Dr. Reddy's Laboratories Price Performance

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 stock's fifty day moving average price is $14.80 and its 200-day moving average price is $15.38. The firm has a market cap of $12.83 billion, a PE ratio of 24.55 and a beta of 0.53.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund raised its position in Dr. Reddy's Laboratories by 318.0% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,900 shares of the company's stock worth $28,411,000 after acquiring an additional 283,700 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of 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 2nd quarter. Millennium Management LLC now owns 332,502 shares of the company's stock worth $25,333,000 after purchasing an additional 126,472 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Dr. Reddy's Laboratories by 12.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,003,782 shares of the company's stock valued at $76,455,000 after purchasing an additional 114,294 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in 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 valued at $12,353,000 after purchasing an additional 106,796 shares in 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.