Shares of Mylan NV (NASDAQ:MYL) are trading higher this morning after the company announced that they have launched to market their generic version of Pfizer’s popular Zyvox® drug. The Linezolid tablets are being marketed in 600 mg tablets after the company received FDA approval for its abbreviated new drug application for this product.
According to market research, the total U.S. market for Linezolid tablets over the last year, ending Sept 30, was worth approximately $457 million. This addition to the company’s offerings should have a positive top and bottom line impact moving forward. This drug represents just one of many abbreviated new drug application that Mylan NV (NASDAQ:MYL) is currently waiting on the FDA to approve. In fact the company has 269 pending applications currently.
The stock is currently trading higher by 0.64% or $0.35 following the positive news, hitting $54.68 per share at the time of us publishing this article. About 250 shares traded hands. MYL has declined 22.99% since May 26, 2015 and is downtrending. It has underperformed the S&P500 by 20.72%.
From a total of 12 analysts covering Mylan Inc. (NASDAQ:MYL) stock, 7 rate it a “Buy”, 0 a “Sell”, and 5 a “Hold”. This means that 58% of the ratings are positive. The highest target price is $85 while the lowest target price is $46. The mean of all analyst targets is $61.92 which is 13.24% above today’s ($54.68) stock price. Mylan Inc. was the topic of 19 analyst reports since July 27, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley reinitiated shares on December 3 with a “Equal-Weight” rating. Standpoint Research initiated shares with a”Buy” rating and a $70.0 target share price in their report from an August 26. Citigroup upgraded MYL stock in a recent report from November 13 to a “Buy” rating. BTIG Research maintained the rating on August 19. BTIG Research has a “Buy” rating and a $85 price target on shares. Finally, Zacks upgraded the stock to a “Hold” rating in a report they issued on an August 27.
The institutional sentiment increased to 0.73 in Q2 2015. It’s up 0.47, from 0.26 in 2015Q2. The ratio is positive, as 10 funds sold all their Mylan NV shares they owned while 5 reduced their positions. 5 funds bought stakes while 6 increased their total positions. Institutions now own 1.42 million shares which is 39.70% less than the previous share count of 2.36 million in 2015Q2.
Nebula Capital Management Lp holds 4.24% of its total portfolio in Mylan NV, equating to 156,185 shares. Buffington Mohr Mcneal owns 62,487 shares representing 1.65% of their total US portfolio. Moreover, Princeton Portfolio Strategies Group Llc has 1.51% of their total portfolio invested in the company, equating to 92,069 shares. The North Carolina-based Novare Capital Management Llc has a total of 1.16% of their portfolio invested in the stock. Pergamon Offshore Advisors L.P., a New York-based fund reported 20,663 shares owned.
Mylan N.V., formerly Mylan Inc., is a global pharmaceutical company, which develops, licenses, makes, markets and distributes generic, branded generic and specialty pharmaceuticals. The company has a market cap of $27.14 billion. Mylan operates in two divisions: Generics and Specialty. It has 31.15 P/E ratio. The Company’s generic pharmaceutical business is conducted primarily in the United States and Canada ; Europe, the Middle East, and Africa (collectively, EMEA); and India, Australia, Japan and New Zealand (collectively, Asia Pacific).