Teva Pharma Back At January 2007 Levels After Lost Patent Ruling

Teva Pharmaceutical Industries Ltd (ADR) TEVA shares are trading lower by $1.50 (3.5 percent) at $33.02 in Tuesday's session. The catalyst for the decline is the report that the company has lost a court ruling relating to Copaxone. The company intends to appeal the verdict.

On the other end of the ruling is Mylan MYL, whose shares are trading higher by $0.65 at $37.00. Both issues are in the red for 2017, but Teva has been hit much harder than Mylan.

After lower open, it took a few minutes for the issue to finally find a bottom at $32.15 and mount a comeback. That low coincides with series of lows made at the $32.50 area back in early January 2007.

Since making that low, it has battled back into the $33.00 handle as $33.18 stands as the for the day. In order to fill the void price and reach the lower end of Monday's session, it would need to reach $34.20.