Jana Partners has built a stake in TEVA Pharmaceuticals, believing the stock to be worth $30 (50% upside), according to an investor letter.

Earlier TEVA stock was hammered in response to its announcement that a Phase 3 clinical trial assessing subcutaneously administered reslizumab failed to achieve the primary endpoint of reducing the frequency of clinical asthma exacerbations in patients with uncontrolled asthma and elevated (>300/mcL) blood eosinophils.

Phase 3 claim-support study evaluating subcutaneously reslizumab in patients with oral corticosteroid (OCS)-dependent asthma also failed to meet its primary endpoint of reducing the daily OCS dose.

The company says it continues to see a treatment effect with the intravenous formulation, branded as CINQAIR in the U.S. and CINQAERO in Europe.

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