Teva Falls on Pre-Market Trading After Morgan Stanley Downgrade

Teva Pharmaceutical Industries Ltd. is down by as much as 4.86% in pre-market trading after Morgan Stanley downgraded it from equalweight to underweight and cut its price target from $16 to $6. In a research note sent Monday, analyst David Risinger said that while Teva is not the only generic company affected by the current litigative push against opioid manufacturers in the U.S., it faces increased risk.

Teva recently reached an $85 million settlement with the State of Oklahoma regarding its alleged role in the state’s opioid crisis, but is still facing many more claims.

Teva closed at $9.25 on NYSE Friday.