Dr Reddy's hits record high on migraine drug launch in U.S.

Reuters Market Eye - Shares in Dr Reddy's Laboratories rose as much as 2.1 percent to a record high on growing hopes about its U.S. business.

The drug maker said late on Tuesday that it launched Sumatriptan injection, used for migraine, for U.S. markets.

Separately, Macquarie upgraded its price target for Dr. Reddy's shares to 3,325 rupees from 3,200 rupees, saying its U.S. business was "significantly under appreciated by the street."

The ramp-up of key products in the United States, including planned launches in fiscal 2015, would help boost sales, Macquarie added.

Shares in the company were up 1.8 percent at 1:18 p.m.

The gains come in contrast to rivals such as Ranbaxy Laboratories Ltd , which has slumped 21 percent since January 11 because of U.S. regulatory issues. In contrast, Dr. Reddy's has gained 5.6 percent during the same period.

 

(Reporting by Indulal P)