2023-03-27 15:26:39 ET
- Deutsche Bank has upgraded Novartis ( NYSE: NVS ) to hold from sell saying that positive top-line results of a phase 3 trial of its breast cancer drug Kisqali (ribociclib) released earlier Monday were a surprise.
- The firm has a price target of CHF 80 (~3% downside based on Monday's close on the SIX Swiss Exchange).
- Novartis shares are up ~8% in Monday afternoon trading.
- Analyst Emmanuel Papadakis said that while the firm anticipated positive results from the NATALEE trial, it projected it would come in the final analysis in H2 2023.
- He added that an important outcome in the top-line results is that there was a "consistent benefit across high/intermediate risk patients."
- In NATALEE, Kisqali with endocrine therapy adjuvant treatment was tested against endocrine therapy alone in patients with HR+/HER2- early breast cancer.
- Read why Seeking Alpha contributor Keith Williams calls Novartis ( NVS ) a hold.
For further details see:
Novartis upgraded to hold at Deutsche Bank following breast cancer drug results