NEW YORK, NY / ACCESSWIRE / November 2, 2018 / Teva shares were skyrocketing on a third quarter financial report that beat analysts’ estimates and a raised outlook. Shares of Sellas Life Sciences were also seeing gains despite any news from the company. The 36% gain for Sellas could have been the result of a short squeeze.
Teva Pharmaceutical Industries Limited shares closed up a little over 15% on about 27.3 million shares traded on Thursday. Trading volume was more than double compared to usual after the Israel-based pharmaceutical giant reported third quarter results. For the quarter, sales came in at $4.5 billion with adjusted earnings of 68 cents a share. Both were lower than the year ago quarter's figures but beat expectations. The company also announced projected annual increase in non-GAAP earnings per share (EPS) to a range of $2.80 to $2.95. Previously the company had guided for $2.55 to $2.80. Teva also said its free cash flow is now expected to come in between $3.6 billion to 3.8 billion compared to its previous forecast of $3.2 billion to 3.4 billion for the year. CEO Kare Schultz who has been with the company for a year, said on the earnings call, "Today, on the date, it's one year ago since I joined Teva. It has been a exciting and challenging year, and I'm very happy about the results that we have achieved. I would like today to thank all our shareholders for the trust and the confidence they put in me and in the company. And I hope that the results I'll be sharing with you shows you that we take your trust very seriously, and we will do our utmost to live up to your expectations."
SELLAS Life Sciences Group, Inc. shares were up a little over 36% at the close and saw an additional 8.43% in gains in after-hours trading. There was no particular news from the company so the gains may have been the result of a short squeeze. It was nearly two weeks ago that the clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapies for a broad range of cancer indications, announced data from a Phase 2b clinical trial. The prospective, randomized, single-blinded, controlled Phase 2b independent investigator-sponsored clinical trial was for the combination of nelipepimut -S (NeuVax™, NPS) +/- trastuzumab (Herceptin®) targeting HER2 low-expressing breast cancer patient cohorts. The data were presented at the European Society for Medical Oncology (ESMO) 2018 Annual Meeting in Germany. CEO Dr. Angelos Stergiou MD, ScD, h.c., stated, "These data presented at ESMO today highlight the therapeutic potential of NPS for patients with early-stage triple negative breast cancer (TNBC), who currently face limited and ineffective treatment options in the adjuvant setting. The combination of NPS and trastuzumab demonstrated a clinically meaningful and statistically significant difference in the cohort of patients with TNBC with a 75.2% reduction in risk of relapse or death at 26 months. Importantly, following review of the final data that were also assessed by the independent Data Safety Monitoring Board (DSMB) on October 15, 2018, there was an incremental further improvement of clinical benefit to patients now observed in comparison with the data from the interim analysis completed more than six months ago.
Our Actionable Research on Teva Pharmaceutical Industries Limited (NYSE: TEVA) and SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) can be downloaded free of charge at Research Driven Investing.
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