Teva Pharmaceutical Industries (NASDAQ: TEVA)
Teva Pharmaceutical Industries (TEVA), a global specialty medicines company announced that the board of directors has picked a new CEO in Kare Scultz who will replace the interim CEO Yitzhak Peterburg.
Schulz is a veteran of the healthcare industry who was previously the CEO of Lundbeck A/S. He is credited with turning around the company and leading it on the track to achieve all time high revenues and earnings.
Teva Pharmaceutical Industries CEO’s Comments
“With extensive global pharmaceutical experience, a strong track record executing corporate turnaround strategies, driving growth and international expansion at low incremental cost and delivering on promises to shareholders, as well as a commitment to a culture of compliance, Kåre is the right leader to take Teva to the next level,” said Dr. Sol J. Barer, Chairman of Teva’s Board of Directors. “Kåre has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets. His proven strategic, financial and operational capabilities and his strong commitment to growth will enhance value for all stakeholders and position Teva for long-term success. He brings a strong sense of corporate citizenship, and his disciplined commitment to excellence makes him a clear professional and cultural fit with our company. We are pleased to welcome a world-class leader of Kåre’s stature to Teva and look forward to working closely with him to build the Teva of the future for shareholders, employees and patients around the world.” Business Wire
TEVA Technical Analysis
TEVA opened trading yesterday at $17.88 which was up from the previous day’s trading close of $15.50. TEVA closed trading yesterday at $18.50 and spiked up after market to $18.79, equivalent to a 20% increase from the previous day’s closing price. Taking a look at the daily chart we can see the last time TEVA traded above these levels we have to go back to August 4th when it traded at $20.60.
Taking a closer look at the daily chart we can see that before the spike up TEVA had been in an overall downward trend dating back to July 26th when it traded at $33.04. TEVA has a float of 909.68 million shares and traded 6.13 times the normal daily trading volume on Monday.
For trading purposes, I would like to see TEVA open trading on Tuesday above $18.25 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic medicines and a portfolio of specialty medicines worldwide. It operates through two segments, Generic Medicines and Specialty Medicines. The Generic Medicines segment offers sterile products, hormones, narcotics, high-potency drugs, and cytotoxic substances in various dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments, and creams.
This segment also develops, manufactures, and sells active pharmaceutical ingredients. The Specialty Medicines segment provides branded specialty medicines for use in central nervous system and respiratory indications, as well as the womens health, oncology, and other specialty businesses. Its products in the central nervous system area comprise Copaxone for multiple sclerosis; Azilect for the treatment of Parkinsons disease; and Nuvigil for the treatment of excessive sleepiness associated with narcolepsy and certain other disorders.
This segments products in the respiratory market include ProAir, ProAir Respiclick, QVAR, Duoresp Spiromax, Qnasl, Braltus, Cinqair/Cinqaero, and Aerivio Spiromax for the treatment of asthma and chronic obstructive pulmonary disease, as well as Treanda/Bendeka, Granix, Trisenox, Lonquex, and Tevagrastim/Ratiograstim products in the oncology market.
This segment also offers a portfolio of products in the womens health category, which includes ParaGard, Plan B One-Step, and OTC/Rx, as well as other products. The company has collaboration arrangements with Attenukine, Procter & Gamble Company, and Regeneron Pharmaceuticals, Inc. Teva Pharmaceutical Industries Limited was founded in 1901 and is headquartered in Petach Tikva, Israel. Yahoo Finance