Citi opens ‘negative catalyst watch’ on Roche after leaked data rally

Citi opened a “90-day negative catalyst watch” following Roche’s positive share price reaction to the leaked data yesterday. The firm estimates the probability of SKY-01 showing statistical significance at the final overall survival analysis, expected in December 2023, is 50%. The statistical design of SKY-01 is likely sub-optimal for capturing the late treatment effect evident in SKY-01 compared the early curve divergence seen in CITYSCAPE, the analyst tells investors in a research note. Citi keeps a Buy rating on Roche with a CHF 350 price target.