Tidal Investments LLC trimmed its stake in shares of Novartis AG (NYSE:NVS – Free Report) by 52.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 91,944 shares of the company’s stock after selling 101,233 shares during the quarter. Tidal Investments LLC’s holdings in Novartis were worth $14,409,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of NVS. Archer Investment Corp raised its position in shares of Novartis by 93.0% during the 1st quarter. Archer Investment Corp now owns 166 shares of the company’s stock worth $25,000 after purchasing an additional 80 shares during the last quarter. Highland Investment Advisors LLC purchased a new stake in Novartis during the 2nd quarter worth approximately $25,000. Evolution Wealth Management Inc. raised its holdings in shares of Novartis by 552.0% during the second quarter. Evolution Wealth Management Inc. now owns 163 shares of the company’s stock valued at $26,000 after acquiring an additional 138 shares during the last quarter. Atlatl Advisers LLC acquired a new position in shares of Novartis during the second quarter valued at approximately $26,000. Finally, CrossGen Wealth LLC purchased a new position in shares of Novartis in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 13.12% of the company’s stock.
Key Headlines Impacting Novartis
Here are the key news stories impacting Novartis this week:
- Positive Sentiment: Novartis shares recovered somewhat after an estimated $30 billion market-value wipeout, offering limited relief following the initial selloff. However, the rebound appears technical rather than driven by a new fundamental catalyst. Novartis Rebounds as $30 Billion Wipeout Draws Board Challenge
- Neutral Sentiment: A major shareholder is urging a board shake-up to improve corporate governance after the trial setbacks and record weekly decline. The move could increase pressure on management, though governance changes might ultimately improve accountability and capital allocation. Major Novartis shareholder calls for board shake-up after drug trial setbacks
- Negative Sentiment: Novartis’ Phase 3 HARBOR study of del-desiran failed to meet its primary endpoint in myotonic dystrophy type 1. The result adds to concerns about the company’s pipeline and followed the failure of the Phase 3 HORIZON study of pelacarsen. Novartis’ Del-desiran Fails Late-Stage DM1 Study, Shares Fall
- Negative Sentiment: Deutsche Bank downgraded Novartis following the twin trial failures, extending the selloff and signaling weaker confidence in the company’s near- to medium-term growth prospects. Novartis extends selloff as Deutsche Bank cuts on twin drug trial setbacks
- Negative Sentiment: A shareholder-related law firm announced an investigation into potential securities-law violations connected with the disclosures and resulting decline, adding further legal and reputational risk. Novartis Investigation Notice
Novartis Stock Up 0.1%
Novartis (NYSE:NVS – Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $2.41 earnings per share for the quarter. The company had revenue of $14.95 billion during the quarter. Novartis had a return on equity of 38.56% and a net margin of 23.29%. On average, equities research analysts anticipate that Novartis AG will post 8.84 EPS for the current year.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on NVS. Deutsche Bank Aktiengesellschaft lowered Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday. Royal Bank Of Canada started coverage on Novartis in a report on Tuesday. They issued a “sector perform” rating on the stock. HSBC set a $136.00 target price on shares of Novartis in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Novartis in a report on Friday, July 24th. Finally, Citigroup reiterated a “buy” rating on shares of Novartis in a research report on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $146.00.
Read Our Latest Stock Report on NVS
Novartis Profile
Novartis AG (NYSE: NVS) is a Switzerland-based pharmaceutical company focused on discovering, developing and commercializing innovative medicines. The company’s portfolio addresses major disease areas including cardiovascular, renal and metabolic conditions, immunology, neuroscience, oncology and hematology.
Novartis markets medicines such as Entresto for certain heart conditions, Cosentyx for inflammatory diseases, Kisqali for breast cancer, Kesimpta for multiple sclerosis, Leqvio for cholesterol management, Pluvicto for certain prostate cancers and Scemblix for chronic myeloid leukemia.
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