First Global Downgrades Teva Pharma (TEVA) to Market Perform, Poor Laquinimod Phase III Drug Trial Results
Tweet Send to a Friend
Get Alerts TEVA Hot Sheet
Price: $38.97 -1.32%
Rating Summary:
7 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Rating Summary:
7 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Trade TEVA Now!
First Global downgraded shares of Teva Pharma (NASDAQ: TEVA) to a Market Perform rating following the release of its two Phase III drug trials ALLEGRO.
The results fell slightly short of expectations for Laquinimod, particularly in the number of relapse rates. The firm reports that the overhang is expected to ease only after the next detailed Phase III BRAVO study results are released, which is likely in Q3.
The firm comments that the company continues to face manufacturing issues at its Irvine, California based facility, and Jerusalem based oral facility.
Looking at TEVA's long term outlook earnings growth seems weak as it is only expected to be in the low to mid teens. With the company already trading relatively low compared to it peers First Global seems its fair.
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 $49.77 yesterday, with a 52 week range of $46.99-$62.82.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The results fell slightly short of expectations for Laquinimod, particularly in the number of relapse rates. The firm reports that the overhang is expected to ease only after the next detailed Phase III BRAVO study results are released, which is likely in Q3.
The firm comments that the company continues to face manufacturing issues at its Irvine, California based facility, and Jerusalem based oral facility.
Looking at TEVA's long term outlook earnings growth seems weak as it is only expected to be in the low to mid teens. With the company already trading relatively low compared to it peers First Global seems its fair.
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 $49.77 yesterday, with a 52 week range of $46.99-$62.82.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
- Janney Montgomery Scott Downgrades Cubist Pharmaceuticals (CBST) to Neutral
- Deutsche Bank Upgrades Seagate (STX) to Buy; Sanmina (SANM) Cut to Sell, Flextronics (FLEX) & Fabrinet (FN) Cut to Hold
Create E-mail Alert Related Categories
DowngradesRelated Entities
Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
