Mylan (MYL) announced on October 11 that it settled with the government on the EpiPen pricing. For a mere $465 million, the company may put the nightmare behind it. MYL stock soared at first, but game up all of its gains.
$40 a resistance level
Note the market’s failure to lift Mylan shares above $40. The negative reaction may set the tone for the movement for generic stocks. Watch Valeant Pharmaceuticals (VRX), Allergan (AGN), and Perrigo (PRGO). Trading volume is so light and negative that Valeant may breach $20 per share.
Valeant announced modest single digit (by percent) price increases for various drugs. That news did not move shares. Valeant reports quarterly results on Tuesday, November 8 at 8 a.m. EST.