Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced in a filing the pricing of a secondary offering as well as a Mandatory Convertible Preferred Share Offering. The company will be pricing 54 million American Depositary Shares at $62.50 a piece, which will raise $3.29 billion. In addition they are offering 3,375,000 7.00% Mandatory Convertible Preferred Shares. The expected settlement date will be December 8th.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) shares are responding favorable to this news in early morning trading.The stock is up 1.55% or $0.98 following the news, hitting $64.1 per share. About 10.58 million shares traded hands or up 91.32% from the average. TEVA has risen 4.47% since April 30, 2015 and is currently uptrending. It has outperformed the S&P500 by 4.67%.
From a total of 7 analysts covering Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) stock, 6 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 86% of the ratings are positive. The highest target price is $85 while the lowest target price is $74. The mean of all analyst targets is $82.40 which is 28.55% above today’s ($64.1) stock price. Teva Pharmaceutical Industries Ltd was the topic of 9 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Nomura initiated shares on September 29 with a “Neutral” rating. BMO Capital Markets upgraded shares to a”Outperform” rating and a $80 target share price in their report from a July 28. Goldman Sachs reinitiated TEVA stock in a recent report from August 11 with a “Buy” rating. Finally, Morgan Stanley reinitiated the stock with a “Overweight” rating in a report they issued on a July 29.
Teva Pharmaceutical Industries Limited is a global pharmaceutical and drug company. The company has a market cap of $62.50 billion. The Company’s generic products cover almost every major therapeutic area. It has 31.05 P/E ratio. The Firm operates its business in two divisions: Generic medicines, which makes and sells generic pharmaceutical products in several dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams, and Specialty medicines, which delivers solutions to patients and providers via medicines, devices and services.