Novartis downgraded to Neutral from Buy at Citi » 04:3101/2601/26/23
NVS, NVO, AZN, MRK, RHHBY
Citi analyst Andrew Baum…
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.
Novo Nordisk trading resumes 09:4201/2401/24/23
Novo Nordisk trading halted, volatility trading pause 09:3301/2401/24/23
|Over a week ago|
Deutsche Bank bearish on Roche heading into FY23, cuts to Sell » 12:4301/1801/18/23
As previously reported,…
As previously reported, Deutsche Bank analyst Emmanuel Papadakis downgraded Roche (RHHBY) to Sell from Hold with a price target of CHF 265, down from CHF 300. In the research note, which was an EU Pharmaceuticals sector note that looked ahead to FY23, the analyst opined that Novo Nordisk (NVO) and Roche would both "break out of decade-long P/E multiple trading ranges (in opposite directions)." Papadakis sees Novo Nordisk remaining resilient short-term, but sees pressure looming in mid-FY23, but for Roche he believes the challenges will come sooner, as he has "little confidence in sufficiently strong TIGIT OS data," and sees "few catalysts beyond" and believes the consensus "remains optimistic on erosion curves for Actemra/Perjeta from 2024/25."
Novo Nordisk announces FDA approval of label update for Rybelsus » 07:2401/1301/13/23
The U.S. Food and Drug…
The U.S. Food and Drug Administration has approved a label update for Rybelsus tablets 7 mg or 14 mg, allowing use as a first-line treatment option for adults with type 2 diabetes who have not previously taken a diabetes treatment, Novo Nordisk announced "This update removes a previous limitation of use that stated the medication should not be used as the initial therapy for treating patients with type 2 diabetes. Initially approved by the FDA in 2019, Rybelsus is the first and only GLP-1 analog in pill form and is indicated, along with diet and exercise, to improve glycemic control for adults with type 2 diabetes," the company said.
California AG files suit against drugmakers, PBMs over insulin prices » 13:5701/1201/12/23
LLY, SNY, NVO, CVS, CI, UNH
California Attorney General Rob Bonta announced in a press conference that his office is filing a lawsuit against Eli Lilly (LLY), Novo Nordisk (NVO) and Sanofi (SNY) over insulin prices in the state. The suit also claims pharmacy benefit managers, or PBMs, CVS Caremark (CVS), Express Scripts (CI), and OptumRx (UNH) "have leveraged their market power to overcharge patients," according to Bonta. Reference Link
Novo Nordisk price target raised to DKK 1,100 from DKK 925 at JPMorgan » 15:1701/0301/03/23
JPMorgan analyst Richard…
JPMorgan analyst Richard Vosser raised the firm's price target on Novo Nordisk to DKK 1,100 from DKK 925 and keeps an Overweight rating on the shares.
Novo Nordisk added to Analyst Focus List at JPMorgan » 05:5101/0301/03/23
JPMorgan analyst Richard…
JPMorgan analyst Richard Vosser raised the firm's price target on Novo Nordisk to DKK 1,100 from DKK 925 and keeps an Overweight rating on the shares. The anlayst also added the shares to the firm's Analyst Focus List. He continues to see a "bifurcation" in European pharma company outlooks in 2023, both in terms of pipeline readouts and longer-term where "genericisations again need to be navigated." As such, he would avoid companies like GSK and Roche, seeing downside to 2023 consensus estimates and "potentially challenged" 2025-2030 outlooks. Vosser continues to favor companies "which have sustainably higher growth" and "far more" pipeline data points, new launches to drive estimate upgrades.
|Over a month ago|
Novo Nordisk price target raised to $145 from $130 at Cowen » 07:3812/1212/12/22
Cowen analyst Michael…
Cowen analyst Michael Nedelcovych raised the firm's price target on Novo Nordisk to $145 from $130 and keeps an Outperform rating on the shares. The analyst said Novo could be a top performing drug stock in 2023 as uncertainties around the trajectory of its GLP-1 franchises may be set to fall away.
Novo Nordisk price target raised to DKK 810 from DKK 780 at Berenberg » 13:1311/2811/28/22
Berenberg analyst Luisa…
Berenberg analyst Luisa Hector raised the firm's price target on Novo Nordisk to DKK 810 from DKK 780 and keeps a Hold rating on the shares.