Shares of several large generic drugmakers fell in Wednesday midday trade. Mylan NV shares dropped 2.7%, Teva Pharmaceutical Industries Ltd. shares dropped 2.1% , Taro Pharmaceutical Industries Ltd. shares fell 2.2% and Perrigo Co. Plc shares fell 0.6%. Generic drugs prices have been under pressure this year, and although it appears to be stabilizing of late, “we recognize that a new wave of pricing pressure could emerge again later this year,” said Jefferies analyst Brian Tanquilut. This past summer, Teva’s earnings report sparked a wider and extended sell off in industry shares. Teva is scheduled to report third-quarter earnings on Nov 2. The VanEck Vectors Generic Drugs ETF was not active in Wednesday trade. Shares have risen 3.2% over the last three months, compared with a 4% rise in the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News