Teva Pharmaceutical Industries (TEVA) announced positive results from a Phase III trial around mid-morning Wednesday. The trial was evaluating the efficacy and safety of beclomethasone dipropionate hydrofluoroalkane Nasal Aerosol in the treatment of seasonal allergic rhinitis. The study met all efficacy endpoints, demonstrating a statistically significant benefit, compared to placebo.
Teva Pharmaceutical steadily declined during the first hour of trade Wednesday, before settling into a range. Shares finished down by 1.67 at $48.44 on above average volume. Teva dropped to a new low for the year.
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