Mylan N.V.’s stock ran up 3.8% in morning trade Tuesday, after Morgan Stanley analyst David Risinger turned bullish on the generic drug maker for the first time, citing greater confidence in growth prospects relative to peers and optimism over its drug pipeline. Risinger raised his rating to overweight, after being at equal weight since starting coverage three years ago, and raised the stock price target to $50 from $39. “Beyond its strong pipeline of new products, Mylan has opportunities to gain share relative to generic competitors which are facing challenges,” Risinger wrote in a note to clients. He said the No. 1 market player Teva Pharmaceutical Industries Ltd. is in the process of restructuring and cutting its workforce, the No. 3 player Sandoz’s U.S oral generics unit is reportedly up for sale and the No. 8 player Apotex has faced leadership challenges. Mylan’s stock has rallied 16.7% over the past three months, while the SPDR S&P Pharmaceuticals ETF has tacked on 1.1% and the S&P 500 has gained 3.6%.
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