Investing.com - Shares of Teva Pharma Industries Ltd ADR (NYSE:TEVA) rallied on Monday after the company released positive results from its trial on fremanezumab for the prevention of migraines and announced the appointment of a new CEO.
Pre-bell, Teva announced that Kare Schultz will be its new chief executive. Schultz is a healthcare veteran with about 30 years of experience in the industry, most recently serving as CEO of Denmark’s H. Lundbeck. The company has been searching for a new leader for months, and pre-bell when Teva announced that it had found a new leader shares climbed over 7%.
But, this wasn’t the end of the good news for the company. Later Monday, the company presented the results of its Phase 3 clinical trial assessing fremanezumab for the prevention of migraines. The company said the study demonstrated its efficacy for all 25 primary and secondary analyses in both monthly and quarterly dosing regimens. Patients with chronic migraines treated with fremanezumab experienced a statistically significant reduction in the number of migraine days of at least moderate severity compared to placebo. Patients also experienced improvements in quality-of-life and health measures, less work productivity loss and significant reductions in impairment activity outside of work.
This news caused Teva’s shares to experience even heftier gains. Shares were recently up 21% at $18.77. Volumes were heavy, with 71.38 million shares changing hands versus the prior 30-day average for 27.56 million shares traded per day.