Rochester,NY 7/7/2009 2:01:06 AM
Afternoon Movers - TEVA - Israel stocks ease; Gilat and Tower continue surge - Sourced WhisperFromWallStreet.com
Teva Pharmaceutical Industries Limited
Afternoon Movers - TEVA - Israel stocks ease; Gilat and Tower continue surge - Sourced WhisperFromWallStreet.com
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Teva Pharmaceutical Industries Limited.TEVA
After Hours: 49.60 Down 0.10 (0.20%) 2:57PM ET
Late in the trading day, the Tel Aviv Stock Exchange's benchmark TA-25 Index fell 0.63% to 866.03, while the TA-100 Index /quotes/comstock/!ta100 (XX:TA100 803.24, -8.61, -1.06%) eased 0.52% to 807.64.
The Tel-Tech 15 Index of top technology issues declined 0.66% to 195.06.
The most active issue was Israel Chemicals, the fertilizer producer, trading down 1.6%.
Teva Pharmaceutical /quotes/comstock/15*!teva/quotes/nls/teva (TEVA 49.63, -0.07, -0.14%) shares rose 1.4%. In a report, Citigroup analysts affirmed a buy rating and $52 price target on the Jerusalem drugmaker. They expect Teva's launch of a generic version of an oral contraceptive made by a Johnson & Johnson subsidiary to add 2 cents to 3 cents a share to adjusted earnings in 2009.
Teva launched the generic version of Tri-Cyclen Lo on an at-risk basis because it is still in patent-infringement litigation with J&J over the product.
The FDA cleared Teva to market the product, and because Teva was first to file with the FDA, it has 180 days of marketing exclusivity.
Citigroup's analysts expect Teva to price its generic at half the cost of the branded product.
About
Teva Pharmaceutical Industries Limited engages in the development, production, and sale of a range of generic and branded pharmaceuticals, biogenerics, and active pharmaceutical ingredients (APIs) worldwide. Its research and development efforts focus on therapies for the central nervous system (with emphasis on multiple sclerosis), autoimmune diseases, and oncology. The company?s principal products include Copaxone for multiple sclerosis; and Azilect for Parkinson?s disease. Teva Pharmaceutical also provides specialty pharmaceutical products, which include respiratory products based on its proprietary delivery systems, including Easi-Breathe, an advanced breath-activated inhaler; Spiromax/Airmax, a multidose dry powder inhaler; and Cyclohaler, a single dose dry powder device. The company?s branded respiratory products include ProAir, a short-acting beta-agonist for the treatment of bronchial spasms and exercise-induced bronchospasm, and Qvar, an inhaled corticosteroid for long-term control of chronic bronchial asthma. In addition, it offers APIs for respiratory products, dermatological hormones, anti-inflammatories, oncolytics, immunosuppressants, and muscle relaxants, as well as custom-manufactured APIs for various proprietary drug manufacturers.
Last Trade: 49.61
Day's Range: 49.15 - 49.61
52wk Range: 35.89 - 50.35
Volume: 2,628,590
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