Why Did Deutsche Bank Downgrade This Big Pharma Stock?

Deutsche Bank has downgraded Novartis AG NVS to Sell from Hold with a price target of CHF 70, down from CHF 80.
Analyst Emmanuel Papadakis sees "grounds for outright caution near term" with Opthalmology looking structurally challenged.
He also sees pressure mounting on Cosentyx and ongoing weakness in oncology.
There are limited reasons to assume a sharp recovery in specialty care in the short term given Covid variant concerns and Novartis' pipeline slate is "thinning," Papadakis tells investors in a research note.
Earlier today: Novartis' Kisqali Combo Therapy Extends Survival By One Year In Breast Cancer Patients.
Novartis collaborated on the HARMONIA Phase 3 head-to-head study of Kisqali (ribociclib) versus Pfizer Inc's PFE Ibrance (palbociclib), both in combination with endocrine therapy.
The trial will include patients with hormone receptor-positive, human epidermal growth factor receptor 2-negative (HR+/HER2-) advanced or metastatic breast cancer with a HER2-enriched (HER2E) intrinsic subtype.
Related: Novartis's Kymriah Flunks In Late-Stage NHL Study.
The primary endpoint is progression-free survival (PFS), and the study will evaluate if Kisqali positively alters tumor biology, enabling a better response to endocrine therapy than Ibrance.
Enrollment will begin in Q1 2022.
Price Action: NVS stock is down 1.56% at $82.18 during the market session on the last check Monday.