Why Teva Pharmaceuticals Industries (TEVA) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Teva Pharmaceuticals Industries Ltd. (NYSE:TEVA) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A close-up shot of various types of medicines on a table, illustrating the specialty and generic products offered by the pharmaceutical company.

Teva Pharmaceuticals Industries Ltd. (NYSE:TEVA)

Despite news of losing the bid against Amneal Pharmaceuticals and having to remove incorrect patents for an inhaler product, shares of Teva recorded an increase of 33.79 percent in the past trading week, ending Friday at $22.09 from $16.51 registered on Monday.

The rise followed an announcement that the company’s Duvakitug drug, developed with French pharmaceutical company Sanofi (SNY), met its primary goals to treat ulcerative colitis and Crohn’s disease.

Last year, the two companies announced their collaboration to develop treatments for inflammatory bowel disease (IBD), with hopes that the drug could achieve blockbuster status, generating at least $1 billion in annual sales.

Overall, TEVA ranks 3rd on our list of biggest gainers of last week. While we acknowledge the potential of TEVA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TEVA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.