Mylan (MYL) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Mylan (NASDAQ:MYL) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $33.00 price objective on the stock.
According to Zacks, “Mylan continues to gain traction with its biosimilar portfolio. The company has launched nearly 475 products year to date across its segments, including a record number of complex generics and biosimilars. In August 2018, Mylan completed an agreement with certain subsidiaries of Novartis AG to purchase worldwide rights to their global cystic fibrosis products, consisting of the TOBI Podhaler and TOBI solution. This should further broaden the company’s portfolio. However, Mylan proactively discontinued a number of products, while also transferring some to other sites. These have led to a temporary disruption in supply of certain products and reduced volumes in North America generic sales. Shares have underperformed the industry in the last twelve months.”
Other analysts have also recently issued research reports about the company. ValuEngine cut Mylan from a hold rating to a sell rating in a research report on Tuesday, September 11th. BidaskClub cut Mylan from a sell rating to a strong sell rating in a research report on Tuesday, October 9th. Cowen set a $31.00 target price on Mylan and gave the stock a hold rating in a research report on Tuesday, November 6th. Morgan Stanley lifted their target price on Mylan from $36.00 to $39.00 and gave the stock a hold rating in a research report on Tuesday, November 6th. Finally, Argus upgraded Mylan from a hold rating to a buy rating and set a $42.00 target price on the stock in a research report on Thursday, November 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Mylan presently has a consensus rating of Buy and an average target price of $45.76.
Mylan (NASDAQ:MYL) last posted its quarterly earnings results on Monday, November 5th. The company reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.06. Mylan had a return on equity of 19.39% and a net margin of 4.71%. The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same period last year, the firm earned $1.10 earnings per share. Mylan’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities analysts forecast that Mylan will post 4.66 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in MYL. Bank of New York Mellon Corp grew its stake in shares of Mylan by 32.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,408,218 shares of the company’s stock valued at $340,012,000 after buying an additional 2,284,545 shares during the period. Bank of Montreal Can grew its stake in shares of Mylan by 605.0% during the 3rd quarter. Bank of Montreal Can now owns 2,193,264 shares of the company’s stock valued at $80,274,000 after buying an additional 1,882,157 shares during the period. Clearbridge Investments LLC grew its stake in shares of Mylan by 69.1% during the 3rd quarter. Clearbridge Investments LLC now owns 4,280,371 shares of the company’s stock valued at $156,662,000 after buying an additional 1,749,631 shares during the period. Orbimed Advisors LLC grew its stake in shares of Mylan by 77.7% during the 2nd quarter. Orbimed Advisors LLC now owns 3,702,800 shares of the company’s stock valued at $133,819,000 after buying an additional 1,618,500 shares during the period. Finally, Pictet Asset Management Ltd. purchased a new stake in shares of Mylan during the 3rd quarter valued at $22,682,000. 82.16% of the stock is owned by institutional investors.
Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, brand name, and over-the-counter (OTC) products worldwide. The company operates through three segments: North America, Europe, and Rest of World. It offers pharmaceutical products in tablet, capsule, injectable, transdermal patch, gel, nebulized, and cream or ointment forms.
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