Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced that it has completed the purchase of 4.61 percent of all outstanding shares of Mylan N.V. (NASDAQ: MYL), which will enable Teva to commence proceedings before the Dutch Enterprise Chamber, should it become necessary.
Teva has advised Stichting Preferred Shares Mylan that if the Mylan Extraordinary General Meeting (“EGM”) on thePerrigo transaction is held no later than August 31, 2015, Teva will limit its aggregate shareholding in Mylan prior to the EGM to less than 5 percent of the outstanding shares of Mylan.
Barclays and Greenhill & Co. are serving as financial advisors to Teva. Sullivan & Cromwell LLP is serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. acting as legal advisor in the Netherlands. (Original Source)
Shares of Teva closed yesterday at $60.33 . TEVA has a 1-year high of $68.75 and a 1-year low of $47.36. The stock’s 50-day moving average is $60.65 and its 200-day moving average is $59.09.
On the ratings front, Teva has been the subject of a number of recent research reports. In a report released today, Maxim Group analyst Jason Kolbert maintained a Buy rating on TEVA, with a price target of $68, which represents a potential upside of 12.7% from where the stock is currently trading. Separately, on June 4, Deutsche Bank’s Gregg Gilbert maintained a Buy rating on the stock and has a price target of $73.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Gregg Gilbert have a total average return of 2.3% and 21.5% respectively. Kolbert has a success rate of 42.1% and is ranked #1331 out of 3635 analysts, while Gilbert has a success rate of 84.3% and is ranked #172.
In total, one research analyst has assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $73.00 which is 21.0% above where the stock closed yesterday.
Teva Pharmaceutical Industries Ltd develops, produces and markets generic, branded & OTC medicines. Some of its products are Copaxone, Azilect & Provigil.