Mylan Surrenders Some Of Its Gains From EpiPen Settlement

Mylan LV MYL shares are trading higher by $3.00 (9 percent) at $38.94 in Monday's session. That's the good news for shareholders of the issue; the bad news is that it has backed off its high off the opening bell at $40.45.

After the close on Friday, the company announced it agreed to terms on a $465 million settlement with the Department of Justice and other government agencies over the recent EpiPen pricing controversy.

Related Link: Mylan Analysts Respond Positively Following EpiPen Classification Settlement

Interestingly, the settlement was reached the exact same day the issue made a new low for the recent move. It had fallen from the $50 level to as low as $35.58 on Friday, before ending the session at a new closing low for the move at $35.94.

Today's move over $40 for the first time since September 29, when it peaked at $40.22, attracted some shorter-term profit taking as it peaked at $40.45 and began to retreat. It has continued to make new lows for the day, but is still well above the upper-end of Friday's range, which was $36.84.