Multinational pharmaceutical company Teva Pharmaceutical Industries Ltd. (TEVA) has launched the first generic version of naloxone hydrochloride nasal spray, Narcan, in the U.S.
Narcan is a prescription medicine used to treat the possible overdose of opioids with patients experiencing breathing problems and severe sleepiness.
The company specializes in generic drugs and manufactures active pharmaceutical ingredients and proprietary medicines. Teva’s product portfolio includes more than 550 generic drugs, and it currently has around 100 first-to-file applications pending in the U.S.
Two months ago, Raymond James (RJF) analyst Elliot Wilbur downgraded the stock to a Hold from a Buy. However, he did not provide a price target.
Additionally, Wells Fargo (WFC) analyst David Maris reiterated a Hold rating on Teva and lowered the price target from $11 to $10 (19.8% upside potential).
Overall, the stock has a Hold consensus rating based on 2 Holds. The average Teva Pharmaceutical Industries stock forecast stands at $10.00. Shares have lost 19.3% year-to-date.
Hedge Fund Confidence
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Teva is currently Neutral, as the cumulative change in holdings across the seven hedge funds that were active in the last quarter was a decrease of 119,800 shares.