MYL Stock Falls After Naming New Executive Chairman

Mylan NV named a new executive chairman

Mylan NV (NASDAQ:MYL) is down 0.7%, last seen trading at $15.39, amid news that the pharmaceutical company named Chairman Robert Coury to be the new executive chairman, the second time Coury has been appointed to the position. Coury was previously CEO of Mylan from 2002 to 2012 before becoming executive chairman from 2012 to 2016. In this capacity, he will work to complete a merger with a unit of Pfizer (PFE).

On the charts, MYL has been going to-to-toe with its 40-day moving average, a trendline that the stock has failed to capture since Feb. 14, at just above the $21 level. Today's dip has MYL sitting handily below the trendline, and only weighs on the 43% year-over-year deficit the security finds itself in.

Analysts are still leaning toward optimism when it comes to MYL stock. Of the 13 in coverage, seven rate it a "buy" or better, while the remaining sport a "hold." Meanwhile, the consensus 12-month price target of $22.60 is a 46.2% premium to its current levels.

Puts have been dominant in the options pits. MYL sports a 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) which sits higher than 88% of all other readings from the past 12 months. In other words, puts have been preferred over calls during the past 10 weeks.