IBI Investment House Ltd. analyst Natali Gotlieb predicts that annual sales of oral multiple sclerosis drug Laquinimod will reach $600 million. She gives Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) a "Buy" recommendation with a target price of $67.
Teva's share price fell 2.9% on Nasdaq yesterday to $48.98, giving a market cap of $46 billion, and fell 3% in morning trading on the TASE today to NIS 169.70.
Gotlieb told "Globes", "The [Laquinimod trial] results are reasonable. We only see an upside in the share. The product is not priced in the models, and it is not included in Teva's guidance through 2015. The drug's safety profile is excellent, and it's a product that could win a share of the multiple sclerosis market in the future."
At the 63rd Annual Meeting of the American Academy of Neurology (AAN) in Honolulu yesterday, Teva announced that the Phase III clinical trial of Laquinimod showed a statistically significant 23% reduction in the annualized multiple sclerosis relapse rate, a 36% reduction in the risk of confirmed disability progression, and a 33% reduction in progression of brain atrophy.
Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2011
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