Mylan Ups EpiPen Price, Banks Maintain "Buy" Ratings

Despite the uproar on Mylan (NASDAQ:MYL) increasing EpiPen® Auto-Injector price, Goldman Sachs and Wells Fargo have maintained their positive ratings.
Mylan Inc. manufactures the EpiPen®, widely used in emergencies to treat anaphylaxis brought about by severe allergies.
Goldman Sachs has a “buy” rating with a USD 60 price target on the stock, while Wells Fargo analysts reiterated its “market perform” for Mylan Inc.
The Bank of America reissued a “buy” rating on August 24th, stating a $70.00 target price.
Zacks Investment raised its ratings from “hold” to “buy” on July 5th and set a $49.00 target price.
Nine equities research analysts have the stock with a “hold” rating, with all nine issuing a “buy” rating for the company. The stock currently has a maintained rating of “buy” and an average target price of $57.78.
Mylan Inc. has a market capitalization of $23.08 billion and a 50-day moving average price of $46.86 and a 200 day moving average price of $45.41.
In response to the consumer market upset, Mylan has announced plans to alleviate the jump in price. In an interview on CNBC’s “Squawk Box”, Mylan CEO Heather Bresch, said, “I can assure you the last thing that we would ever want is no one to have their EpiPen due to price so like I said, our response has been to take that immediate action of making sure that everyone has an EpiPen. So that was first in front and they’s why we’re here today is to make sure that that message is out there loud and clear and that no one is falling through the cracks.”
Mylan is reducing the cost of the EpiPen® via a savings card that will reduce out-of-pocket cost by 50%, covering up to $300 for their EpiPen 2-Pak®.
According to the latest press release, the pharmaceutical company is also doubling eligibility for patient assistance program to 400% of the federal poverty level, which translates to a family making up to $97,200 would pay nothing out of pocket for their EpiPen®.
 
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Securities Disclosure: I, Pia Rivera, hold no direct investment interest in any company mentioned in this article.