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Investing.com -- HSBC adjusted ratings and target prices across its biopharma coverage, citing "a lower sector additional risk premium" following a rally in the second quarter of 2026.
Analysts led by Rajesh Kumar said pharma multiples are at a decade high, and further outperformance will require a medium-term growth upgrade rather than "defensive positioning in out of AI/Tech rotation." The team mapped and scored more than 100 clinical catalysts through 2027 across its coverage universe.
"The next 12 months look less like 'a rising tide lifts all boats' and more like bottom-up stock picking," the analysts wrote, adding that catalyst quality, franchise adjacency, and loss-of-exclusivity operational gearing will separate winners from value traps.
HSBC upgraded Novartis to Hold from Reduce, raising its target price to 110 Swiss francs from 95, after "back-to-back trial failures for pelacarsen and del-desiran." The analysts said they expect a near-term consensus downgrade cycle, but believe "the negative catalyst path has largely played out," with investor focus shifting to the upcoming RECHARGE trial readout.