Market Overview

Mylan Nears Pre-Epipen Crisis Levels After Q4 Beat

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Mylan Labs (NYSE: MYL) shares are trading higher by $3.00 at $44.85 in Wednesday's session. The catalyst for the rally is a Q4 EPS beat of $0.14 long with a $78 million beat in revenues.

The issue has battled its way back to this level after it was submarined by Iowa Senator Chuck Grassley on August 22. On that day, he brought into question the recent price increases for Epipens after being alerted to it by his constituents.

That set in motion a selloff in the issue from its closing price on August 22 ($47.90) to a nearly a four-year low, when it bottomed in November at $33.60.

After a higher open today, Mylan's stock worked its way up to $45.87 before some profit-takers came into the issue. That high coincides with its August 24 high of $45.99.

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