Sandoz: Berenberg no longer Buy

(CercleFinance.com) - Berenberg announced on Wednesday that it had downgraded its recommendation on Sandoz from 'buy' to 'hold', with the price target unchanged at 38 Swiss francs.


In a research note, the analyst recommends that investors 'pause for breath', as the stock has posted one of the best performances in the healthcare sector this year, with an annual gain of 32%.

According to the intermediary, this performance is due to market share gains at the expense of AbbVie's Humira, the successful launches of biosimilars Tyruko (multiple sclerosis) and Pyzchiva (Crohn's disease) in Europe, and upcoming launches in the US.

However, Berenberg says it is struggling to envisage any new catalysts following the company's strategy meeting on September 3, at which no new pipeline developments were presented and the group's financial targets were simply reiterated.

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