Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) shares are turning positive in early afternoon trading today as the company issued a regulatory filing disclosing the fact that the European Patent Office has decided to uphold the validity of Patent No. 2405749. The patent covers COPAXONE 40/mg/ml, and Mylan (MYL) as well as Actavis (AGN) have challenged it on numerous grounds. A detailed written decision will be issued by the EPO sometime in the next few weeks and will be subject to appeal according to Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA).
The patent will not expire until 2030 and any appeals will take up to two years to be heard. The stock is currently trading higher by 0.72% or $0.47 following the positive news, hitting $66.19 per share at the time of us publishing this article. About 6.03 million shares traded hands. TEVA has risen 6.12% since May 4, 2015 and is uptrending. It has outperformed the S&P500 by 7.20%.
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 24.49% above today’s ($66.19) 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 $61.70 billion. The Company’s generic products cover almost every major therapeutic area. It has 32.07 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.