MMAT - SNY Stock Alert: Why 1 Analyst Says Zantac Ruling Is 'Best-Case Scenario' for Drugmakers
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Sanofi (NASDAQ:SNY) stock is in the news as one analyst believes the latest court ruling is the “best-case scenario” for the drugmaker.
The big news here is U.S. District Judge Robin Rosenberg dismissing lawsuits concerning Zantac. The people behind these lawsuits claimed that the heartburn drug caused cancer. According to Rosenberg, the plaintiff’s scientist “systemically utilized unreliable methodologies,” in their cases.
With this dismissal, thousands of lawsuits against Sanofi, and other drugmakers, are no longer a burden. That frees Sanofi from a potential $8 billion in liabilities that could have been paid out had it lost the case.
While it’s true that Sanofi may still have to deal with appeals from these lawsuits, the majority of them will likely end here. That’s a boon to SNY stock as it means investors don’t have to worry about the effects the liabilities would have on the company’s business.
How This Affects SNY Stock
When news of the latest ruling broke yesterday, shares of SNY stock saw a massive rally. That saw the shares close out the day at $48.55 each. For the record, SNY stock started out trading on Tuesday at $45.12 per share.
SNY stock is down 1.4% as of Wednesday morning and is down 5.7% since the start of the year.
Investors searching for more of the latest stock market news are in luck!
InvestorPlace has all of the hottest stock market news ready to go for Wednesday! A few examples include what has shares of Meta Materials (NASDAQ:MMAT), Apple (NASDAQ:AAPL), and Pinterest (NYSE:PINS) stock moving today. You can read up on all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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