The Trading Day Couldn’t End Early Enough For These 4 Stocks

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Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) fell 5.63% on the news that the U.S. Food and Drug Administration found deviations and violations against current good manufacturing practice (CGMP) in three of the company’s manufacturing facilities in India.

The FDA said “the methods used in, or the facilities or controls used for, their manufacture, processing, packing, or holding do not conform to, or are not operated or administered in conformity with, CGMP.” The FDA also concluded that the company needs to be responsible for investigating the causes of the violations and for preventing their re occurrence. If Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) fails to do so, the FDA may not allow the company’s products which were manufactured in those facilities to be admitted into the United States.

In a Form 6-K filed on November 25, the company issued a statement saying “Dr. Reddy’s has always adhered to all disclosure requirements both of the Securities and Exchange Commission (SECs) and Indian Stock Exchanges; including accounting practices as per the International Financial Reporting Standards (IFRS) and the Indian Accounting Standards. The Company has no further comment on what might be advertorial Press releases by law firms and refutes all allegations.”

14 hedge funds in Insider Monkey’s database held 4.90% of the company’s outstanding stock through the end of September. Fisher Asset Management, a mutual fund managed by billionaire Ken Fisher, holds 4.96 million shares of the company valued at $317.09 million.

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China-based NetEase Inc. (NASDAQ:NTES) dropped off by 3.20% after spiking on Wednesday on the heels of coverage of the company’s stock being initiated by Goldman Sachs, which set a “Buy” rating and $190 per share price target on it. Shares of the Chinese online game developer are up by 65% on the NASDAQ this year.

Insider Monkey’s database shows 26 of the funds it tracks held $2.39 billion worth of NetEase Inc.’s (NASDAQ:NTES) outstanding stock on September 30. Orbis Investment Management, led by William Gray, holds 11.45 million shares of the company.

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Disclosure: None

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