TEVA Does Not Have A Case Of the Mondays!

We saw some strong moves in the biotech/healthcare space today. TEVA was up strongly on FDA approval of one of its treatments. Meanwhile we saw ACAD slump sharply at the open after a slew of downgrades by major firms. PFE rallied strongly today, continuing its recent streak of winning days. But the biggest news was PTGX. The stock was up over 60% at one point in today’s session. The movement is due to a re-analysis of its Phase 2 results for PTG-100, which was being developed to treat ulcerative colitis. Previously the study was cancelled due to lack of evidence of efficacy, but a recent analysis of the data by a third party has led the company to conclude that further research was desirable. Here’s an overview of what happened today.