Novartis "neutral"

14.11.06 - J.P. Morgan Securities

LONDON, November 14 (newratings.com) - Analysts at JP Morgan reiterate their "neutral" rating on Novartis AG (NOT). The 12-month target price is set to CHF74.00.

In a research note published this morning, the analysts mention that the company has announced a three-month delay in the FDA review process for Galvus. The FDA has expressed its concerns regarding pre-clinical skin reaction demonstrated in a single-species study, the analysts add. Galvus is now expected to be launched during 2Q07, JP Morgan adds.