Teva jumps, Opko rebounds

Tel Aviv Stock Exchange Photo: Eli Yizhar

The Tel Aviv 35 Index is up strongly this morning, boosted by pharma stocks Teva and Opko and mobile carrier Cellcom.

The main indices on the Tel Aviv Stock Exchange rose this morning. The Tel Aviv 35 Index is currently up 1.11%

Teva rose strongly on the announcement that the US Food and Drug Administration had approved the company's fremanezumab injection for the preventative treatment of migraine. The product will be marketed as AJOVY. It is one of the products that Teva is building its future on as its blockbuster multiple sclerosis treatment Copaxone comes under increasing price pressure from generic versions. Teva's share price is currently up 7.85%.

Shares in Opko Health also jumped after a 35% plunge on Thursday, when trading in the stock as allowed only for a minute before the close following a slide on Nasdaq. The company's share price is currently up 8.15%. Opko Health CEO Phillip Frost has forcefully denied allegations being investigated by the US Securities and Exchange Commission against him and nine other people as well as several companies, including Opko, of illegal manipulation of the share prices of certain small biotech companies.

In a statement, Frost said he was "stunned" by the allegations, and added, “The allegations against me are belied by common sense, my history of supporting promising scientific technology, and the facts. I invested in two of the entities identified in the complaint. These investments were made because I understood the entities presented promising medical developments and a real opportunity to deliver value for shareholders. I remain a significant long-term shareholder in both companies."

On the foreign exchange market, the shekel strengthened further on Friday. The representative shekel-dollar rate was set 0.31% lower, at NIS 3.5640, and the shekel-euro rate was set 0.33% lower, at NIS 4.1710/€.

Another leading stock that has risen strongly this morning in Cellcom, currently up 4.66%.

Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Tel Aviv Stock Exchange Photo: Eli Yizhar
Tel Aviv Stock Exchange Photo: Eli Yizhar
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