The pharmaceutical company is expected to face a little competition in the near future.
In 2014, Novartis announced a shutdown of a number of its sites as it was planning to restructure its pharmaceutical division. One of these sites was the Rockland County property for close for over two years now primarily in Suffern. This huge campus was used in the manufacturing of tablets, inhalation products, and capsules for the pharmaceutical company. According to a real estate broker, this deal of selling more than 160 acres of the company is likely to close as early as winter.
The firm has narrowed the potential buyers to two in which both have industrial and commercial use that will divide the campus into more multiple tenants, according to Andrew Merin, a broker at the research and financial services firm ‘Cushman and Wakefield’s Metropolitan Area Capital’. This deal is expected to be finalized in the first quarter of the upcoming year.
In other news on Tuesday, Novartis stock traded at a share price of $87. During the course of the trade, the share price went as high as $88.16 and low as $87.70. It kept fluctuating between these numbers and was finally called off at $88.05 indicating an increase of 1.50%. The traded commenced at a share price of $87.87.
The pharmaceutical giant has received a rating of “Buy” by the research firm Zack’s, which is an upgrade from an initial “Hold” rating. The price target suggested by Zack’s is $97.00 on the stock of the drug-maker. The earnings result posted for the third quarter was quite disappointing, as it posted lower than expected earnings per share. It is expected that it will be facing competition in the near future for some of its products.
A 52-week low in the share price of the drug-maker was registered at $83.66 and a 52-week high in the share price was registered at $106.84. The current market capitalization of the pharm organization is $230.77 billion, along with earnings per share of 3.44 and price to earnings ratio of $25.61. The latest earnings results were reported on October 27. 2015. For the quarter, the EPS was reported to be $1.27, which was not up to analysts’ expectations of $1.31. There was a difference of $0.04 between the actual and the estimated earnings.
The revenue according to the earnings result was of $12.30 billion and the stock experts had predicted it to be $12.66 billion. The Switzerland based organization has an average of “Buy” and a price target of $103.50.
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