As previously reported, Morgan Stanley analyst David Risinger downgraded Endo International (ENDP) and Teva Pharmaceutical (TEVA), both to Underweight from Equal Weight, cut his price target on Endo shares to $3 from $8 and lowered his price target for Teva shares to $6 from $16. In the wake of Amneal's (AMRX) recent 28% EBITDA guidance cut, Risinger noted that Amneal faces company-specific challenges but also said he is concern about potentially worsening U.S. competitive pricing pressure. He is worried that Endo and Teva both face "underappreciated" risks from buying group pressure being worse than expected, increasing competition among generic manufacturers and the fact that opioid litigation is "just getting started" with thousands of lawsuits having been filed. Risinger also cut his earnings estimates for Mylan (MYL) lowered his price target on its shares to $22 from $32, though he maintains an Overweight rating on that generic drugmaker, citing low valuation and the potential for corporate action. Risinger additionally lowered his price target on Amneal shares to $4 from $12.

Teva Pharmaceuticals announced final results from the HD cohort of the Phase 4 START study, demonstrating positive real-world effectiveness, safety, adherence and satisfaction with the 4-week Titration Kit for AUSTEDO. As a fatal, neurodegenerative disease, HD can cause cognitive deterioration, behavioral and/or psychological problems and uncontrollable body movements known as chorea - a symptom that can have a significant impact on daily activities like eating or talking.3-5 These data are being presented at the 2024 American Academy of Neurology AAN Annual Meeting. "90% of HD patients experience chorea,3,4 so it's important for patients to have a treatment option that not only helps address symptoms, but helps provide a positive patient experience," said Eric Hughes, MD, PhD, Executive Vice President of Global R&D and Chief Medical Officer at Teva. "We remain committed to exploring ways to evolve the AUSTEDO treatment experience to meet the needs of the HD community, and these latest real-world data reinforce the role of the 4-week Titration Kit for AUSTEDO in empowering patients with HD chorea to find their optimal dose, adhere consistently to their treatment plan, and achieve effective outcomes."