Mylan Sharply Lower Amid Drug Price Fixing Concerns

Mylan MYL shares are trading lower by $2.73 at $35.51 in Tuesday's session.

The catalyst for the decline is a report that attorney generals from 46 states will expand a suit related to alleged price fixing among generic drug-makers to 18 companies involving 15 different medicines.

After a flat open, Mylan found resistance just above Monday's close ($38.24), reaching $38.44 and retreated back to the $38.00 area. It was attempting to absorb the news when a wave of sellers attacked the stock around 10:55 a.m. EST.

Following a quick rebound off $34.72, Mylan's stock bounced into the $36.00 handle before coming down to make a new low for the session at $34.27. That marks its lowest level since it bottomed ahead of its FDA approval of first generic approval of Copaxone at $31.84 and leaped to $37.80 the following session.