Why Teva Gained Nearly 11% in February
Teva Pharmaceutical (NYSE: TEVA) shares were already working on a recovery headed into February, hinting at an end to what had become a nearly four-year rout. After a brief pause as January came to a close, that effort was renewed early last month. Even with the weak finish for February, firm bullishness early in the month following good news on the drug development front was enough to leave behind a 10.9% gain, according to data provided by S&P Global Market Intelligence.
Once a powerhouse within the pharmaceuticals arena -- and generic pharmaceuticals in particular -- Teva Pharmaceutical has struggled since 2016, unable to adapt to ongoing changes in the marketplace. All told, Teva shares lost more than 90% of their value from peak to last year's trough, primarily in response to the company's potential liability related to its role in the opioid addiction epidemic, as well as waning sales of its multiple sclerosis drug Copaxone. The therapy lost patent protection in 2017, and while the company has attempted to replace the franchise with similarly marketable drugs, nothing has quite taken its place.
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