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Barclays Maintains an 'Overweight' on Teva Pharma (TEVA); Detailed Laquinimod Results Support Our Positive View

April 12, 2011 2:21 PM EDT Send to a Friend
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Price: $55.05 +0.18%

Rating Summary:
    14 Buy, 16 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 38 | New: 43
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Barclays maintains an 'Overweight' on Teva Pharma (NASDAQ: TEVA), PT $70.

Barclays analyst says, "First-time detailed laquinimod Phase 3 results support previously-disclosed top line data with solid safety & efficacy profile: Last night, Teva announced eagerly awaited details of the ALLEGRO study and hosted a conference call - the timing of the event having come earlier than the previously expected April 14 date, and ahead of the presentation at AAN on April 15. Encouragingly, the two key efficacy endp oints were within our expectations -- relative to placebo, laquinimod demonstrated a statistically significant 23% reduction in annualized relapse rate (p=0.0024) - the primary endpoint - and a 36% reduction in risk of confirmed disability progression as measured by EDSS (p=0.0122). More importantly, safety data confirmed positive Phase 2 results, particularly critical given that this is a key differentiator relative to the only marketed oral MS drug, Novartis's Gilenya, and orals in development."

"Yesterday's stock weakness provides attractive opportunity: With the stock trading at under 10x our FY11 EPS estimate, we reiterate our 1-OW rating, and view of Teva as the most attractive stock in our coverage universe."

For more ratings news on Teva Pharma click here and for the rating history of Teva Pharma click here.

Shares of Teva Pharma closed at $48.98 yesterday.




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