NEW YORK, NY / ACCESSWIRE / January 11, 2018 / Novavax shares exploded on Wednesday after the company revealed positive news about its lead vaccine candidate at this year's J.P. Morgan Healthcare Conference. Shares of Teva also closed higher after the company revealed it has reached an agreement with workers at its inhaler factor in Israel. The company's board also revealed they would be taking a 50% pay cut.
RDI Initiates Coverage on:
Teva Pharmaceutical Industries Limited
Novavax, Inc. shares surged 59.40% on Wednesday with colossal trading volume of nearly 87 million shares. The stock was one of the biggest gainers on the NASDAQ yesterday. The company presented at the 2018 J.P. Morgan Healthcare Conference and included an "informational analysis" of the company's lead vaccine candidate. The company's has been conducting a pivotal trial with pregnant women to see if the vaccine candidate can prevent the Respiratory syncytial virus (RSV) infection spreading to newborn babies. According to the company, the "informational analysis" of the maternal immunization study the company ordered last month came back positive. In other news, the company revealed that it will be walking away from its Gaithersburg lease. The company said in an SEC filing that it has initiated negotiations with its landlord to terminate the lease for the nearly 150,000-square foot facility "after re-evaluating its real estate needs."
Access RDI's Novavax, Inc. Research Report at:
Teva Pharmaceutical Industries Limited shares closed up 3.46% on nearly 33 million shares traded on Wednesday. There were a couple of developments that helped send Teva shares higher yesterday. The Israeli pharmaceutical company announced on Wednesday it had reached an agreement with workers on closing its inhaler factory in Jerusalem by the end of 2019. The facility has experienced weeks of labor unrest where workers had been interrupting operations. Per the agreement with Histadrut labour federation and company unions, up to 60 workers will leave the company by the end of February. The remaining 180 will stay until the facility is shut in December 2019. Teva will offer workers training and counseling so that they can find alternate work. Teva has a goal of reducing costs by $3 billion by the end of 2019, from about $16.1 billion in 2017 and shutting down the plant is a part of its restructuring plan. The company will also cut 14,000 jobs across the world. It was also announced that the Board of Directors have taken a 50 percent pay cut. "This pay cut that the board took upon itself was done the same day that the cuts and job reductions were discussed," said board member Dan Suesskind at the Israel Business Conference in Jerusalem.
Access RDI's Teva Pharmaceutical Industries Limited Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.