Citi analyst Andrew Baum downgraded Novartis (NVS) to Neutral from Buy with a CHF 86 price target. The shares have outperformed all European pharma majors except Novo Nordisk (NVO) and AstraZeneca (AZN) due to the impact of management action in the last six months, aided by some rotation out of Roche (RHHBY), the analyst tells investors in a research note. Citi reduced Novartis earnings estimates to by up to 8% to reflect a more cautious outlook for Leqvio given competitive pressures from Merck’s (MRK) oral PCSK-9 MK-0616 in the U.S. commercial and outside the U.S. market. The firm also highlights material ongoing supply constraints hindering Pluvicto’s U.S. launch in prostate cancer.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on NVS:
- Harrow Health price target raised to $24 from $17 at Lake Street
- Novartis unit Sandoz to acquire Mycamine from Astellas
- Meet ZyVersa: Fly exclusive interview with CEO Stephen Glover
- Novartis call volume above normal and directionally bullish
- Ionis Pharmaceuticals, Royalty Pharma enter $1.1B royalty agreement