Teva shares rose 26% in one day after successful clinical trials

The Israeli pharmaceutical concern Teva, previously considered the flagship of Israeli industry, but in recent years has experienced serious difficulties due to problematic decisions of its management, has again become the most valuable Israeli company on Wall Street, overtaking Check Point.

Over the last day of trading, when the leading Wall Street indices fell significantly, Teva shares rose in price by 26%, and now the market value of the concern is $23.5 billion.

The reason for the sharp increase in the price of quotes is the publication of a report on the successful results of phase 2b clinical trials of a new drug being developed by Teva together with Sanofi.

Duvakitug is a biological drug from a series of monoclonal antibodies to the TL1A protein intended for the treatment of autoimmune intestinal diseases such as ulcerative colitis and Crohn’s disease.

It is worth recalling that Teva shares are still 70% cheaper than they were at their peak in the summer of 2015.