Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA) shares are approaching last week’s lowest price this morning after an incredible rally last week at the New York Stock Exchange. The stock’s American depository receives climbed 7.2% last week in the wake of positive news about the company’s bestselling drug.
Teva erases Friday’s gains
All of the gains Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA) made last week have been erased this morning. Billionaire George Soros had turned a tidy profit from Friday’s gains in Teva, as he had increased his position in the company, bringing it over Microsoft Corporation (NASDAQ:MSFT) as his top holding. Teva made up 1.6% of Soros Fund Management’s average return over the last six months, while Microsoft made up .75% of it.
Last week the U.S. Supreme Court said it would hear an appeal which could delay the production of generic versions of Copaxone, Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA)’s multiple sclerosis drug. The extension could last until next year. Copaxone earns Teva $3.2 billion in sales in the U.S. every year.
Over the last year, shares of Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA) have risen 45%, while Microsoft Corporation (NASDAQ:MSFT) shares have returned 23%. Last year Teva recorded its first yearly gain in four years. There’s been speculation that Teva will grow its profits by gobbling up smaller rivals. Earlier this year, the company bought NuPathe for $144 million.
Bloomberg reports that analysts at multiple firms have upgraded Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA) shares from Sell. JPMorgan Chase, Goldman Sachs and Morgan Stanley analysts said the company’s push to keep market share on Copaxone is a positive, as the company has tried to change patients over to a new formula which is protected by a patent.
If Teva Pharmaceutical Industries LTD (ADR) (NYSE:TEVA)’s Supreme Court appeal is unsuccessful, the company will lose the patent on Copaxone in May. However, that appeal still is a good thing because it at least provides Teva additional time to convert more patients over to the new formulation of the drug. The new version of the drug requires just three shots each week instead of a dose every day.