Dr Reddy's proposed rituximab biosimilar application to be reviewed by USFDA; stock trades flat

Dr Reddys share price NSE, Dr Reddys news USFDA: Shares of Dr Reddy's edged lower in the early morning deals after the pharma major informed the bourses on Wednesday that the biologics license application for its proposed biosimilar rituximab candidate, DRL_RI, has been accepted for review by the US Food and Drug Administration (USFDA), the European Medicines Agency (EMA), and the United Kingdom’s Medicines and Healthcare Products Regulator (MHRA).

The stock opened at Rs 5,190 and declined as much as half a per cent to touch the day's low of Rs 5,165.15 from the previous close of Rs 5,189 on the NSE. At the time of writing the copy, the stock quoted Rs 5,177.95 apiece, down by Rs 11.05 or 0.21 per cent on the NSE. The Hyderabad-based pharma company's regulatory filing read, "Dr Reddy’s proposed rituximab biosimilar application has been accepted for review by the USFDA, EMA, and MHRA."

Dr Reddy's announced in January the completion of the full set of clinical studies of the proposed rituximab biosimilar candidate for filing in highly regulated markets such as the U.S., EU, and other regions.

Dr Reddy's share price target: Should you buy, sell or hold? 

Bernstein has maintained an outperform rating on Dr Reddy’s Labs with a target price of Rs 4,943.

Dr Reddy's share price history

Dr Reddy's stock has given a positive return of over 15 per cent in the last 12 months (since July 13, 2022). In comparison, the headline index, Nifty 50, has rallied over 21 per cent.

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