The Fly

Novartis downgraded to Neutral from Buy at Citi

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:

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More