Shares of Mylan N.V. surged in premarket trade Thursday, putting them on track to snap a four-session losing streak, after the company succumbed to public pressure by saying it would cut costs for EpiPens. The stock had tumbled 9.9% over the previous two sessions, and 12.5% over the last four, after Congress questioned the company’s reasoning behind the sharp increase in EpiPen pricing over the years. The stretch of losses were the biggest since the stock lost 17% in the two days ending Feb. 12, and 15% over four days ending Feb. 16. Bernstein analyst Aaron Gal said there is potential for “real damage” to Mylan from all the media attention, as he believes it will put pressure on the Food and Drug Administration to enable a more competitive market. Currently, Teva Pharmaceutical Industries Ltd.’s generic version of the EpiPen could be mid-2017, Gal said. Through Wednesday, Mylan’s stock had tumbled 20% year to date, while the SPDR Health Care Select Sector ETF had tacked on 1.9% and the S&P 500 had gained 6.4%.
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