Teva Pharmaceutical hits a new 52-week high
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Teva Pharmaceutical (NYSE:TEVA) extended the recent momentum on Wednesday as its shares recorded a new 52-week high to reach the highest level in over five years on above-average volume.
More than 12.5M Teva (TEVA) shares have changed so far, compared to the 65-day average of ~9.7M as the stock approached the highest level since February 2019.
The Israeli drugmaker has climbed more than 79% over the past 12 months, handily outperforming its big pharma rivals, as represented by the VanEck Pharmaceutical ETF (PPH), which has added only ~15%. Meanwhile, the S&P 500 (SP500) has gained ~21% over the period.
Since reaching a trough in October, Teva (TEVA) shares have more than doubled as the company continued to beat revenue forecasts with its quarterly financials. Its recent Q2 results beat both on the top and bottom lines, and the company lifted its full-year outlook, citing YTD performance.
With Buy ratings on average, Wall Street and Seeking Alpha analysts agree with Teva’s (TEVA) bullish prospects. However, SA’s Quant System, which consistently beats the market, rates TEVA as a Hold.