Canaccord Genuity Reiterates a 'Buy' on Teva Pharma (TEVA); Top-Line Phase III Results From GALA Study

June 15, 2012 8:26 AM EDT
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Price: $33.47 -1.85%

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    Up: 23 | Down: 34 | New: 34
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Canaccord Genuity reiterates a 'Buy' on Teva Pharma (NASDAQ: TEVA) price target of $52.00.

Analyst, Randall Stanicky, said, "TEVA announced this morning top-line results from the GALA (Glatiramer Acetat Low-Frequency Administration) Phase III clinical trial for 3x weekly dosing for patients with multiple sclerosis. The results showed that GA 40 mg/1 ml met the study’s primary endpoint (reducing annualized relapse rate by 34.4% compared to placebo), as well as achieving the study’s secondary clinical endpoints, with the exception of the reduction in brain atrophy. With uncertainty around Copaxone litigation and a decision expected to come any day now, positive GALA results are important as we believe the ability for patient switch (perhaps up to ~30%) as well as new patent protection can help add support to the overall franchise and is likely underappreciated by the Street given such singular focus on the Copaxone trial."

For an analyst ratings summary and ratings history on Teva Pharma click here. For more ratings news on Teva Pharma click here.

Shares of Teva Pharma closed at $38.10 yesterday.

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