Novartis: Barclays maintains 'underweight' rating
(CercleFinance.com) - Barclays maintained its "underweight" rating on Novartis, with a 70 Swiss franc target price, ahead of two upcoming events.
In a note to clients, the broker points out that the drugmaker faces two R&D events of meaningful importance in the second half of the year, i.e. the "Parageon" heart failure study for Entresto and first data for oral asthma asset fevipiprant.
"We believe expectations are reasonably high into both events (but particularly the latter)", Barclays wrote in the report.
"The summary is that we still believe Paragon is unlikely to hit," Barclays added, saying that it is more broadly remaining cautious in the context of the shares' current valuation.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note to clients, the broker points out that the drugmaker faces two R&D events of meaningful importance in the second half of the year, i.e. the "Parageon" heart failure study for Entresto and first data for oral asthma asset fevipiprant.
"We believe expectations are reasonably high into both events (but particularly the latter)", Barclays wrote in the report.
"The summary is that we still believe Paragon is unlikely to hit," Barclays added, saying that it is more broadly remaining cautious in the context of the shares' current valuation.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.