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Mayne Pharma Group Ltd share price tumbles 7%

Prior to today, year-to-date the Mayne Pharma Group Ltd (ASX: MYX) share price had been one of the best performers on the local share market with an 8% push higher.

However, almost all of these gains were wiped out on Monday when its shares tumbled 7% to finish the day at 69.5 cents.

What happened?

With no notable news out of the pharmaceutical company since its annual general meeting in November of last year, its rise and fall this year has been a bit of a puzzle.

The most likely reason for its shares climbing higher is the rise of industry giant Teva Pharmaceuticals’ share price during the same period.

As Teva is the world’s largest generic drugs company, a sharp rise in its share price was seen by many as a sign that the difficult trading conditions being faced in the industry were over.

Whether that is the case or not only time will tell, but it seems as though some investors are locking in their gains today.

Incidentally, Teva next updates the market with its quarterly update on February 8, around two weeks before Mayne Pharma reports its half-year results.

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