Which stocks to watch for this week?
The U.S. stock market has been on a tear recently, and investors are taking notice of the potential of teva’s new drug, Zymor, for treating cancer.
This week, the stock is expected to reach $10,000 before it closes at $9,000.
But while the stock has been rising for the past few months, there are many concerns that it is too soon to invest.
“If I am right, this is a $10K stock, but it is probably a $20K stock,” said Stephen Hulbert, an analyst at Morningstar.
Hulber said he sees a lot of concern about the drug, as it’s still being tested and has only been approved in five other countries.
“I do think there’s a risk of it being too soon for some investors to jump in,” he added.
Teva said it expects to receive a $2.8 billion grant from the U.K.-based Cancer Research UK to develop the drug and expand its clinical trials in the U to other countries, but did not provide a timeline for when the drug will be available.
“We’re committed to developing this product and will continue to be patient and patient-focused,” a Teva spokesperson told Al Jazeera.
“We are confident that the trial of Zymorga will provide a definitive answer to the question of which of our three active drugs will be the first to achieve cancer-free remission.”
Teva has received approval from the Food and Drug Administration (FDA) in the past for its drug, but its first approval was for a drug called Zyrtec that has already been tested and approved in seven other countries including Canada, Japan and South Africa.