Teva share price at 6-year high after trial results

The dramatic rise is another peak in Teva’s recovery over the past year and rewards investors after a long period of disappointment. Over the past year, Teva has doubled its market value and is now trading at a value three times higher than the low it hit in 2020, a low that almost recurred in the summer of 2022.

The latest leap in share price follows publication of successful Phase 2b trial results for Dukavitug, which it is developing together with Sanofi, for the treatment of ulcerative colitis and Crohn’s disease, the two most common forms of inflammatory bowel diseases According to Teva’s announcement the primary endpoint results in ulcerative colitis and Crohn’s disease for high dose represent the highest achieved with any TL1A monoclonal antibody. Teva head of global R&D and chief medical officer Eric Hughes said that the results from the study have exceeded expectations.

The biggest beneficiaries ‘on paper’ from the jump in Teva’s share price include several Israeli institutional bodies. There is currently one party-at-interest in Teva – the Fidelity Management & Research (FMR), which holds a 5.5% stake, the value of which rose $274 million yesterday to $1.3 billion. According to data from SmartBull, which has developed systems for analyzing the capital market, Israeli institutional investors with significant stakes in Teva include Menora Mivtachim with shares worth $544 million, Clal Insurance with shares worth $491 million, and Migdal with shares worth $480 million. Clal said, “Members enjoyed a profit of NIS 530 million from the rise in the share price following publication of the trial results.”

Published by Globes, Israel business news – en.globes.co.il – on December 18, 2024

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