Zacks Investment Research Lowers Mylan (MYL) to Sell

Mylan (NASDAQ:MYL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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.”

Several other equities research analysts have also recently commented on the company. Cantor Fitzgerald set a $34.00 target price on Mylan and gave the company a “hold” rating in a research note on Tuesday, October 31st. Guggenheim started coverage on Mylan in a research note on Tuesday, December 12th. They issued a “buy” rating and a $59.00 target price for the company. Mizuho reissued a “buy” rating and issued a $37.00 target price on shares of Mylan in a research note on Tuesday, October 24th. Royal Bank of Canada lifted their target price on 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 lifted their target price on Mylan from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Mylan currently has a consensus rating of “Buy” and a consensus target price of $43.64.

Shares of Mylan (MYL) traded up $0.19 on Tuesday, reaching $46.90. The company’s stock had a trading volume of 5,816,230 shares, compared to its average volume of 6,680,000. The company has a current ratio of 1.46, a quick ratio of 0.95 and a debt-to-equity ratio of 1.05. Mylan has a 52-week low of $29.39 and a 52-week high of $47.19. The company has a market cap of $25,060.00, a P/E ratio of 28.25, a price-to-earnings-growth ratio of 1.48 and a beta of 1.38.

Mylan (NASDAQ:MYL) last issued its quarterly earnings data on Monday, November 6th. The company reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.10). Mylan had a net margin of 7.28% and a return on equity of 20.63%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the firm posted $1.38 EPS. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. sell-side analysts forecast that Mylan will post 4.56 EPS for the current fiscal year.

In related news, CEO Heather M. Bresch sold 75,000 shares of Mylan stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $45.00, for a total transaction of $3,375,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its holdings in shares of Mylan by 84.1% in the third quarter. Pzena Investment Management LLC now owns 22,721,384 shares of the company’s stock valued at $712,770,000 after purchasing an additional 10,381,697 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Mylan by 12.0% in the second quarter. Vanguard Group Inc. now owns 32,880,790 shares of the company’s stock valued at $1,276,432,000 after purchasing an additional 3,531,974 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Mylan by 4.5% in the second quarter. BlackRock Inc. now owns 40,574,158 shares of the company’s stock valued at $1,575,089,000 after purchasing an additional 1,751,515 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Mylan by 72.2% in the second quarter. Teachers Advisors LLC now owns 3,346,814 shares of the company’s stock valued at $129,923,000 after purchasing an additional 1,403,273 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Mylan by 74.7% in the third quarter. Schroder Investment Management Group now owns 3,026,172 shares of the company’s stock valued at $93,388,000 after purchasing an additional 1,294,400 shares in the last quarter. Hedge funds and other institutional investors own 74.90% of the company’s stock.

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Mylan Company Profile

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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