|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5,089.50 - 5,210.75|
|52 Week Range||3,210.00 - 5,512.65|
|Beta (5Y Monthly)||-0.02|
|PE Ratio (TTM)||40.34|
|Earnings Date||May 10, 2018 - May 14, 2018|
|Forward Dividend & Yield||25.00 (0.48%)|
|Ex-Dividend Date||Jul 13, 2020|
|1y Target Est||2,587.45|
Integrated pharmaceutical company Dr. Reddy’s Laboratories Ltd. has been allowed to import the Sputnik V vaccine, which is a vaccine against COVID-19, into India by the Drug Controller General of India (DCGI). This is an emergency use authorization under the country’s Drugs and Cosmetics Act. GV Prasad, Co-Chairman and Managing Director, Dr. Reddy’s Laboratories, (RDY) said, “We are very pleased to obtain the emergency use authorization for Sputnik V in India. With the rising cases in India, vaccination is the most effective tool in our battle against COVID-19. This will enable us to contribute to our nation’s effort of vaccinating a significant proportion of our population.” The company teamed up with the Russian Direct Investment Fund (RDIF) in September 2020 to conduct the clinical trials of the vaccine and to distribute it in India. (See Dr. Reddy’s Laboratories stock analysis on TipRanks) On top of the Sputnik V trials carried out in Russia by RDIF, Dr. Reddy’s conducted Phase 2 and 3 trials of the vaccine in India. Sputnik V has an efficacy rate of 91.6% and has been approved in 60 countries so far. Recently, Barclays analyst Balaji Prasad upgraded the stock to Buy from Hold and also increased its price target to $70 (6.3% upside potential) from $56. Prasad upgraded the stock based on earnings upside from Sputnik V, with a projected run rate of 250 million doses by 2H22, launches of gVascepa and gNuvaring and a stabilizing US generics market. The other analyst covering the stock, Citigroup’s Prashant Nair, also has a Buy rating on the stock. The two ratings add up to a Moderate Buy consensus rating alongside an average analyst price target of $70. Shares have gained about 40.5% over the past year. Related News: Iovance Gives Clinical Data Update For Melanoma Drug Sanofi Snaps Up Tidal Therapeutics For $160M Sorrento’s Subsidiary Scilex Gets FDA Nod For ZTlido Label Expansion More recent articles from Smarter Analyst: Datadog Completes Sqreen Acquisition; Street Sees 29.2% Upside Aphria’s 3Q Sales and EPS Miss Estimates; Shares Plunge 14% Wall Street Roundup: Bullish & Bearish Calls Of The Day MEI Pharma Presents Positive Preclinical Data For Cancer Drug Voruciclib
Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) today announced that it has received the permission from the Drug Controller General of India (DCGI) to import the Sputnik vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clinical Trials rules, 2019 under the Drugs and Cosmetics Act.
The panel of India’s Central Drugs Standard Control Organization (CDSCO) has recommended the emergency use authorization of Russia’s Sputnik V coronavirus vaccine, said two people familiar with the matter. The approval makes it the third such shot approved by India as the country is battling with a record daily surge in COVID-19 infections. Neither Dr. Reddy’s Laboratories Ltd (NYSE: RDY), which markets the vaccine in India, nor the drugs regulator, responded immediately to Reuters’ requests for comment. Sputnik V, developed by Moscow’s Gamaleya Institute, has proved 91.6% effective against COVID-19 and has been approved for use in more than 50 countries. The Russian Direct Investment Fund has signed deals to produce more than 750 million doses of Sputnik V in India with six domestic firms. The vaccine gained international recognition in February, overcoming early skepticism. After peer-reviewed results were published in The Lancet medical journal, countries are lining up for supplies, reported Bloomberg. Price Action: RDY shares are up 3.8% at $66.36 on the last check Monday. See more from BenzingaClick here for options trades from BenzingaAdamis Pharma To Resubmit Zimhi US Application For Opioid Overdose SoonOncolytics Biotech's Pelareorep Associated With Therapeutic Efficacy, Improved Clinical Outcomes In Breast Cancer© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.