Mylan Stock Falls on Analyst Downgrade, Trades at 52-Week Low
Today, Morgan Stanley downgraded Mylan (MYL) from “overweight” to “equal weight.” The firm also cut its target price for MYL stock from $46 to $36. Also, Mylan has seen lower-than-expected sales from its biosimilar and complex products portfolio, which it’s increasingly focusing on in the wake of increasing generics competition and pricing pressures. Today, MYL stock fell ~2.7% during premarket trading.