Novartis "buy"

13.11.06 - Dresdner Kleinwort Wasser.

LONDON, November 13 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on Novartis (NOT). The target price is set to CHF80.

In a research note published this morning, the analysts mention that the US regulatory review for the company's Galvus has been delayed by three months due to the FDA's concerns regarding "skin findings identified in a single species during a preclinical animal study." The delay in the regulatory review has resulted in the PDUFA date for Galvus being extended to the end of February 2007, the analysts say. This development is expected to exert pressure on Novartis' share price in the short term, Dresdner Kleinwort adds.