Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced the launch of generic Axert® (almotriptan malate) tablets, 6.25 mg and 12.5 mg, inthe United States. Teva was the first applicant to submit an Abbreviated New Drug Application (ANDA) for almotriptan malate tablets containing a Paragraph IV patent certification.
The ANDA for almotriptan malate tablets submitted by Teva to the US Food and Drug Administrationon December 7, 2005, was the first ANDA submitted by a generic company containing a Paragraph IV certification for Janssen Pharmaceuticals Axert®. Teva is the first applicant to receive approval and will have a period of market exclusivity until the pediatric exclusivity associated with the only patent for Axert® expires on November 7, 2015.
Teva continues to deliver on its generics business strategy and remains focused on increasing its first to file regulatory submissions in the United States. With over 375 generic medicines available, Teva has the largest portfolio of safe, effective, FDA-approved generic products on the market.
Axert® (almotriptan malate) tablets, marketed by Janssen Pharmaceuticals, had annual sales of approximately $31 million in the United States, according to IMS data as of March 2015. (Original Source)
Shares of Teva Pharmaceutical opened today at $61.46 and are currently trading down at $60.95. 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 $60.47 and its 200-day moving average is $59.51.
On the ratings front, Teva has been the subject of a number of recent research reports. In a report released yesterday, BTIG analyst Tim Chiang initiated coverage with a Buy rating on TEVA and a price target of $77, which represents a potential upside of 25.3% from where the stock is currently trading. Separately, on June 19, Maxim Group’s Jason Kolbert maintained a Buy rating on the stock and has a price target of $68.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tim Chiang and Jason Kolbert have a total average return of 28.2% and -0.8% respectively. Chiang has a success rate of 82.1% and is ranked #229 out of 3692 analysts, while Kolbert has a success rate of 36.9% and is ranked #3069.
The street is mostly Bullish on TEVA stock. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $73.00, which represents a potential upside of 18.8% from where the stock is currently trading.
Teva Pharmaceutical Industries Ltd develops, produces and markets generic, branded & OTC medicines. Some of its products are Copaxone, Azilect & Provigil.