#1 - Teva Pharmaceutical (NYSE:TEVA)
Teva Pharmaceutical Industries Ltd. (TEVA) One of the most encouraging, but unproven, responses to treating the coronavirus came from Teva (NYSE:TEVA). The Israeli company announced its plans to donate six million tablets of the malaria drug hydroxychlorquine sulfate. The tablets are slated to arrive at U.S. hospitals by March 31. A total of 10 million tablets will be delivered within a month.
Using the drug to treat the coronavirus will be an off-label (i.e. unapproved) usage for the drug. However, based on evidence of some efficacy, the company is being asked to take this step. According to Teva spokeswoman Kelley Dougherty, officials from the U.S. Health and Human Services Department as well as the Food and Drug Administration (FDA) asked Teva about the feasibility of increasing shipments of hydroxychlorquine. President Trump has urged health authorities to expand its use.
“We’re directly responding to a need that was brought to us by the U.S. government,” Dougherty said. “This is a unique situation. We acknowledge that this is not currently for on-label use. But we are responding to the government and the promise that is being seen in the use of this product for Covid-19.”
Shares of Teva stock have surged over 14% since the news was released. However, the stock is still down over 25% in 2020.
About Teva Pharmaceutical Industries
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products in North America, Europe, Israel, and internationally. It offers generic medicines in various dosage forms, such as tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams; sterile products, hormones, high-potency drugs, and cytotoxic substances in parenteral and solid dosage forms; and generic products with medical devices and combination products.
Read More - Current Price
- $14.10
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $13.78 (2.3% Downside)
