2024-01-08 12:51:45 ET
Novartis ( NYSE: NVS ) shares were on track for their eighth consecutive session of gains on Monday, as the stock rose nearly 1% to a record high of $107.29 in afternoon trade.
The Swiss drugmaker gained about 7% in the preceding seven sessions. The stock rose 18% in the last one year, compared to the 21% gain of the broader S&P 500 Index.
The stock closed 0.7% high on Friday at $106.31.
December has been a favourable month for the company, with 14 sessions in green and six sessions in red.
Looking at Seeking Alpha's Quant Rating, NVS has a Hold rating with a score of 3.36 out of 5. The company received A+ for profitability, while the score has been dragged down by a C- in growth prospect and D+ in valuation.
Turning to the Wall Street community, three analysts gave NVS a Strong Buy, while one is Buy on the stock. Six analysts have given the stock a Hold recommendation, and none recommended Sell or Strong Sell.
Seeking Alpha analysts are also cautious and see the stock as a Hold.
Earlier in November, the company raised its mid-term sales growth target citing strong momentum of key growth drivers, majority of which are de-risked existing brands.
However, a recent Seeking Alpha analysis pointed out that it is concerned about sales for the company post-2027 due to patent expirations.
More on Novartis
- Novartis: Post Investor Day, Higher Guidance Priced In
- Sandoz Group: Novartis Spinoff With A Double-Digit EBITDA CAGR Through 2028
- Novartis to buy autoimmune drug developer Calypso Biotech
- Alphabet unit inks deals with Eli Lilly and Novartis for AI drug discovery
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Novartis shares set for eighth straight session of gains