Stock activity this week
On August 22, Teva Pharmaceutical Industries (TEVA) fell 2.6% as compared to the previous day’s closing price. However, the stock has risen ~9% over the last five days. On August 20, Teva Pharmaceutical Industries (TEVA) registered a rise of ~6% in its stock price. TEVA stock closed at a price of $25.65 on August 20, up from the closing price of $24.22 on August 17. On August 16, the stock rose ~7.5%. The stock is currently trading higher than its 50-day moving average of $23.39 and its 200-day moving average of $20.77.
What’s triggering the rise in TEVA stock?
The company’s stock is riding high on a series of positive announcements from the company last week that boosted investor sentiment. Over the last week, the company announced FDA (U.S. Food and Drug Administration) approval for its generic version of Mylan’s (MYL) EpiPen on August 16 and the release of positive data released on the same day from Fasinumab, which is being developed in collaboration with Regeneron Pharmaceuticals (REGN) for the treatment of osteoarthritis of the knee or hip.
Plus, Berkshire Hathaway announced its portfolio holdings in the second quarter of fiscal 2018 last week, which showed that the company has further increased its stake in Teva Pharmaceutical.
In the next article, we’ll discuss analysts’ views on the recent FDA approval of Teva’s generic version of the EpiPen.
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