Alvotech's AVT16 BLA Accepted by FDA for Review

Noting that Teva has underperformed the last two weeks, Jefferies analyst Dennis Ding explained that a "big part of the weakness is due to macro," but also says it may potentially be due to how investors perceived management comments on vitiligo at a recent conference as well as a clinicaltrials.gov update showing vitiligo's primary completion is now September instead of May. However, after having caught up with the investor relations team, who noted there's no change to internal confidence on vitiligo and reiterated the data will be right after July 4 weekend, the firm continues to like shares after the pullback and keeps a Buy rating and $40 price target on Teva.