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Shares of Dr Reddy’s Laboratories were trading higher by nearly 3% at Rs 3,589 on the NSE after the drug maker announced the launch of Somazina, an innovator brand of Citicoline in the Indian market.
The drug is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infraction, or who have undergone a brain surgery or have suffered from head injuries.
Dr Reddy's has partnered with the global innovator of Citicoline, Ferrer International S A of Spain to make Somazina available in India, the company said in a press release.
Meanwhile, post January-March quarter (Q4) results, analysts at Prabhudas Lilladher and Angel Broking maintain ‘accumulate’ rating on the stock with a target price of Rs 3,878 and Rs 3,963 respectively.
The management has guided for a robust growth in the US over the medium term, driven by introduction of new products, some of which are also Para IV opportunities, said Sarabjit Kour Nangra, analyst at Angel Broking in a report dated May 14, 2015.
While the company expects strong growth in non-US market, its key business in US, however, is dependent on the resolution of Form 483 observations in Srikakulam plant. Key pending approval such as Nexium remains uncertain due to a similar reason, according to Surajit Pal, analyst at Prabhudas Lilladher.
The stock hit a high of Rs 3,595 so far and has seen a combined 134,251 shares changing hands till 1045 hours on the NSE and BSE.
The drug is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infraction, or who have undergone a brain surgery or have suffered from head injuries.
Dr Reddy's has partnered with the global innovator of Citicoline, Ferrer International S A of Spain to make Somazina available in India, the company said in a press release.
Meanwhile, post January-March quarter (Q4) results, analysts at Prabhudas Lilladher and Angel Broking maintain ‘accumulate’ rating on the stock with a target price of Rs 3,878 and Rs 3,963 respectively.
The management has guided for a robust growth in the US over the medium term, driven by introduction of new products, some of which are also Para IV opportunities, said Sarabjit Kour Nangra, analyst at Angel Broking in a report dated May 14, 2015.
While the company expects strong growth in non-US market, its key business in US, however, is dependent on the resolution of Form 483 observations in Srikakulam plant. Key pending approval such as Nexium remains uncertain due to a similar reason, according to Surajit Pal, analyst at Prabhudas Lilladher.
The stock hit a high of Rs 3,595 so far and has seen a combined 134,251 shares changing hands till 1045 hours on the NSE and BSE.
