Citi upgrades Dr. Reddy's, raises target after Abatacept update
In short
Citi upgraded Dr. Reddy’s shares after three years and raised its target.
The note said Abatacept’s acceptance showed the hardest development and biosimilar hurdles may be behind the company. The stock moved up, but the exact new target and full approval status are not stated.
What the reporting says
Citi upgraded Dr. Reddy’s shares after three years and raised its target after reporting on Abatacept acceptance. The publisher’s summary says Citi viewed the acceptance as evidence that the most difficult development and biosimilar hurdles were behind the company in the BLA process. The immediate market reaction was that the stock gained, but the reporting does not give the revised target or the full regulatory status.
Why it matters
Citi upgraded Dr. Reddy’s shares after three years and raised its target following an update on Abatacept acceptance. The publisher-supplied summary says Citi believed the toughest development and biosimilar hurdles were likely behind the company in the BLA process. The market responded with a share gain, but the available reporting does not state the target price or final regulatory outcome.