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TEVA PHARMACEUTICAL STOCKS PLUNGE ON LAWSUIT - Capital Street FX
Teva Pharmaceutical Industries stock is currently trading at 12.06–lower by 15.89% as compared to the previous closing price.
In recent news, U.S. states filed a lawsuit accusing the company of orchestrating a sweeping scheme with 19 other drug companies to raise drug prices.
According to the complaint filed by 44 U.S. states on Friday, drug companies engaged in illegal conspiracies to divide up the market for drugs to avoid competing and, in some cases, conspired to either prevent prices from falling.
A representative of Teva USA, a unit of Teva Pharmaceutical Industries, said it will fight the lawsuit. Teva USA also stated that the company continues to review the issue internally and has not engaged in any conduct that would lead to criminal liability.
The lawsuit seeks damages and actions by the court to restore competition to the generic drug market.
On the technical front, RSI is currently at 20.77% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger bands and is heading downwards.
Overall Bias is negative and trades can be initiated with tight Stop loss and profit targets.
TRADE SUGGESTION-LIMIT SELL AT 12.12 TAKE PROFIT AT 11.87 STOP LOSS AT 12.24