Dr Reddy's Labs extends gains for second straight day, hits 33-month high

Analysts at SBICAP Securities upgraded the stock with 'buy' rating and target price of Rs 3,200 per share

Shares of Dr Reddy’s Laboratories hit an over two-year high of Rs 2,971, up 2 per cent on Tuesday, extending its previous day’s 2 per cent gain on the BSE after the drug maker launched Doxercalciferol injection in the US market. The stock was trading at its highest level since February 13, 2017.

“It is the therapeutic generic equivalent of Hectorol (doxercalciferol) injection approved by the US Food and Drug Administration (USFDA),” Dr Reddy’s said in press release.

The Hectorol Single-Dose Vials and Multiple-Dose Vials brand and generics had US sales of approximately $138 million for the most