Novartis Faces Twin Catalysts in Late October as Morgan Stanley Trims Its Target
Published on 10/09/2026 at 16:40 | Editorial boerse-global.de
Morgan Stanley's Thibault Boutherin cut his price target on Novartis to 156 USD from 170 USD on Tuesday, keeping an "Overweight" rating on the Swiss drugmaker's shares. The revision lands as the Basel-based group reshapes the groundwork for its medium-term pipeline — and as investors brace for a dense stretch of newsflow before the month is out.
The stock held its footing through the adjustment. Novartis shares added 0.7% to trade at 127.92 EUR, leaving the equity roughly 11% below its 52-week high of 144.30 EUR. Since the start of the year, the shares have gained 8.2%.
A Data-Heavy October Calendar
Two dates now anchor the market's attention. On October 23, Novartis will roll out 46 scientific abstracts at the MSToronto2026 congress, with the spotlight falling on Phase III results from the REMODEL-1 and REMODEL-2 trials of remibrutinib in relapsing multiple sclerosis. Alongside those readouts, the company will present analyses covering Kesimpta. A virtual investor event is scheduled immediately after the scientific sessions, giving management a platform to frame the study data and their commercial weight for the MS franchise.
Four days later, on October 27, the company reports third-quarter and nine-month 2026 results. Beyond the current trading picture, the market will be listening for signals on how the business is positioned after recent portfolio moves.
Should investors sell immediately? Or is it worth buying Novartis?
Remibrutinib's Dual Track
Remibrutinib already carries a commercial footprint. The FDA cleared the drug under the brand name Rhapsido as the first treatment for adults with symptomatic dermographism whose symptoms persist despite H1 antihistamines. In the Phase III RemIND study, 29.3% of patients on Rhapsido achieved complete resolution of wheals at twelve weeks, compared with 14.0% on placebo.
Whether the compound can deliver equally convincing results in neurology is the question the Toronto data should answer. For Novartis, the stakes extend beyond a single asset: a positive showing would broaden the portfolio and underpin future growth.
mRNA Deal Bolsters the Pipeline
Novartis moved to expand its research base on October 2, signing a license and option agreement with Abogen Biosciences. The pact hands the group worldwide rights to ABO2203 and options on further programs from Abogen's RNA platform. Novartis paid 575 million USD upfront, with milestone payments of up to roughly 7.2 billion USD contingent on development and regulatory progress, plus potential sales royalties down the line.
The deal follows a reminder that drug development rarely runs in a straight line. On September 8, the Phase III HARBOR study of del-desiran in DM1 missed its primary endpoint, vHOT — a setback that sharpens the importance of newer initiatives.
Analysts Split on Valuation
Goldman Sachs adjusted its view on October 1, with analyst James Quigley maintaining a "Sell" rating while lifting his price target to 113 CHF. His quarterly estimates sat largely in line with consensus, though he flagged particular interest in any commentary on the outlook beyond 2030.
On the corporate side, Novartis said it reached the top Tier 1 category in the CCLA Corporate Mental Health Benchmark 2026 for its employee mental health programs. With the congress data and quarterly figures both due within days of each other, the coming weeks should give a clearer read on where the business stands.
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