Novartis Investors Might be Overlooking Risks

Dow Jones16:53

0853 GMT - Novartis shares have done well lately despite mixed third-quarter results and clinical-trial setbacks, and investors might be overlooking risks, Deutsche Bank's Emmanuel PapadakisNiall Alexander say in a research note. The consensus assumption among investors in the Swiss drugmaker seems to be that it faces little risk for the rest of the year and that upcoming events will be small positives, the analysts say. "All that may be true, but with the stock now having more than retraced losses since the misses on pelacarsen and del desiran, it is starting to look a little incongruous," they say. Deutsche Bank cuts its recommendation on Novartis stock to sell from hold and trims its target price to 115 Swiss francs from 120 francs. Shares fall 1.1% to 132.30 francs.

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