Zacks Investment Research Downgrades Mylan (MYL) to Sell
Zacks Investment Research cut shares of Mylan (NASDAQ:MYL) from a hold rating to a sell rating in a research report report published on Tuesday morning.
According to Zacks, “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. In a major boost, Mylan received 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, 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 six months.”
MYL has been the subject of several other research reports. Cantor Fitzgerald set a $34.00 price objective on shares of Mylan and gave the company a hold rating in a research note on Tuesday, October 31st. Guggenheim initiated coverage on shares of Mylan in a research note on Tuesday, December 12th. They set a buy rating and a $59.00 price objective for the company. Mizuho reaffirmed a buy rating and set a $37.00 price objective on shares of Mylan in a research note on Tuesday, October 24th. Royal Bank of Canada upped their price objective on shares of Mylan from $32.00 to $37.00 and gave the company a sector perform rating in a research note on Tuesday, November 7th. Finally, BTIG Research upped their price objective on shares of Mylan from $42.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $43.64.
Mylan (NASDAQ:MYL) last released its earnings results on Monday, November 6th. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.10). The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.09 billion. Mylan had a return on equity of 20.63% and a net margin of 7.28%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.38 EPS. equities research analysts expect that Mylan will post 4.56 earnings per share for the current year.
In other Mylan news, CEO Heather M. Bresch sold 75,000 shares of the business’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $45.00, for a total value of $3,375,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.69% of the company’s stock.
Large investors have recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its holdings in Mylan by 76.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,393 shares of the company’s stock valued at $106,000 after purchasing an additional 1,475 shares during the last quarter. BT Investment Management Ltd acquired a new position in Mylan in the 3rd quarter valued at about $142,000. Doliver Capital Advisors LP acquired a new position in Mylan in the 2nd quarter valued at about $201,000. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Mylan in the 2nd quarter worth approximately $210,000. Finally, Loews Corp acquired a new position in shares of Mylan in the 2nd quarter worth approximately $223,000. Institutional investors own 74.90% of the company’s stock.
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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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