Mylan Higher Following Launch Of Concerta Tablets

Mylan NV MYL shares are trading higher by $0.80 (2 percent) at $38.18 in Friday's session. The catalyst for the rally is the launch of generic Concerta tablet.

BTIG's Timothy Chiang forecasts it to contribute $125-$150 million in sales within the first as the competition is limited.

After a higher open, it retreated only $0.14 to $37.84 before resuming its move higher. The ensuing rally has taken the issue to $38.60, but has now fallen back into the lower $38 handle. That high matches its November 16 high.

If the rally continues, there may additional resistance just above that at its November 15 high ($38.78).