On Wall Street, four-day winning streaks aren’t typically very impressive. But at this point Teva Pharmaceutical Industries Ltd (ADR) TEVA 1.63% investors will take what they can get.
Teva finished the week on a high note on Friday, surging more than 7 percent in mid-day trading. This week’s big move was driven in part by a new 13F filing that revealed Apollo Management has taken a new stake in the company. Teva also announced this week a new prescription copay savings program for Generic Gleevec.
If the stock holds onto its early Friday gains, it will mark its fourth consecutive green day, a feat it hasn’t accomplished since it recorded a five-day winning streak back in July.
A Look Back
Teva shares were hammered in early August when the company announced a major dividend cut. Since the news broke, the handful of rallies in the stock have been quickly met with heavy selling pressure, snuffing out any multi-day rallies before they even get started.
Teva is on track to finish the week up more than 16 percent, but the stock remains down 56 percent since the beginning of August.
Teva bulls are hoping this week’s persistent rally means the bottom is finally in for the stock after roughly 3.5 months of selling. Teva’s stock dipped as low as $10.85 earlier this month, its lowest level since 2002.
If the bottom is now in for Teva, potential dip buyers will be watching the $15 level closely. It’s…
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