Another week, and another Israeli company has overtaken beleaguered drugmaker Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) in terms of its market cap. Despite the fact that Teva's share price rose 4.06% on Wall Street on Friday to $6.41, giving a market cap of $7.032 billion, the Israeli pharmaceutical company still finished the week below Israeli DIY website company Wix.com Ltd. (Nasdaq: WIX), which rose 1.13% on Friday to $143.80, giving a market cap of $7.17 billion.
Teva had yet another bad week last week, with its share price falling more than 8% over the week after Moody's lowered its credit rating from stable to negative and two US congressman accused it of blocking the investigation into price fixing of generic drugs.
From a market cap of $67 billion in 2015, Teva's market cap shrunk to below $17 billion in August 2017 when Check Point Software Technologies Ltd. (Nasdaq: CHKP) became Israel's most valuable company. Since then Teva has slipped below the value of Bank Leumi (TASE: LUMI), Bank Hapoalim (TASE: POLI), NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) and Amdocs Ltd. (NYSE: DOX). Last week it also fell below the value of Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) for a brief time on Thursday.
For its part, Wix has seen its share price and market cap rise 65% in 2019 on strong revenue growth.
Published by Globes, Israel business news - en.globes.co.il - on August 18, 2019
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