Zacks Investment Research Upgrades Mylan (MYL) to “Hold”
Mylan (NASDAQ:MYL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Mylan received a major boost with the FDA approval for a generic version of Copaxone 40mg. The company being one of the first filers, will also enjoy 180 days of exclusivity. The FDA approval of biosimilar version of Herceptin will also boost the biosimilars portfolio. However, Mylan’s performance in 2017 was impacted by ongoing challenges in North America. The third quarter experienced an accelerated decline in EpiPen sales due to the launch of an authorized generic as well as the contraction of the overall epinephrine auto-injector market. Sales are expected to decline further. Moreover, the complete response letter from the FDA regarding its abbreviated new drug application ANDA for the generic version of asthma drug Advair Diskus was a setback given the market potential. Shares have performed better than the industry in the last one year.”
Several other analysts have also issued reports on MYL. BMO Capital Markets restated a “buy” rating and issued a $45.00 price objective on shares of Mylan in a report on Friday, September 29th. ValuEngine upgraded shares of Mylan from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub upgraded shares of Mylan from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. BTIG Research boosted their price objective on shares of Mylan from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Finally, Cantor Fitzgerald reiterated a “hold” rating and set a $34.00 price target on shares of Mylan in a research note on Wednesday, October 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $43.64.
Mylan (NASDAQ:MYL) last issued its quarterly earnings data on Monday, November 6th. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.10). The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Mylan had a net margin of 7.28% and a return on equity of 20.63%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.38 earnings per share. research analysts anticipate that Mylan will post 4.56 earnings per share for the current year.
In other news, CEO Heather M. Bresch sold 75,000 shares of the business’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $45.00, for a total transaction of $3,375,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Mylan by 2.6% in the first quarter. Wellington Management Group LLP now owns 46,373,108 shares of the company’s stock valued at $1,808,088,000 after purchasing an additional 1,165,852 shares in the last quarter. BlackRock Inc. boosted its holdings in Mylan by 4.5% in the second quarter. BlackRock Inc. now owns 40,574,158 shares of the company’s stock valued at $1,575,089,000 after purchasing an additional 1,751,515 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Mylan by 12.0% in the second quarter. Vanguard Group Inc. now owns 32,880,790 shares of the company’s stock valued at $1,276,432,000 after purchasing an additional 3,531,974 shares in the last quarter. Paulson & CO. Inc. boosted its holdings in Mylan by 4.0% in the fourth quarter. Paulson & CO. Inc. now owns 22,794,061 shares of the company’s stock valued at $1,232,475,000 after purchasing an additional 881,000 shares in the last quarter. Finally, Pzena Investment Management LLC boosted its holdings in Mylan by 84.1% in the third quarter. Pzena Investment Management LLC now owns 22,721,384 shares of the company’s stock valued at $712,770,000 after purchasing an additional 10,381,697 shares in the last quarter. 74.90% of the stock is owned by institutional investors and hedge funds.
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Mylan Company Profile
Mylan N.V. is a global pharmaceutical company. The Company develops, licenses, manufactures, markets and distributes generic and branded generic products for resale by others; specialty pharmaceuticals, and active pharmaceutical ingredients (APIs). It operates through two segments: Generics and Specialty.
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