Why Is Novartis Stock Trading Higher On Thursday?
Portfolio Pulse from Vandana Singh
Novartis AG (NYSE:NVS) shares rose after the company announced plans to file for Pluvicto's label expansion in H2 2024, based on positive Phase 3 PSMAfore study results. The study showed improved overall survival rates and a consistent safety profile for Pluvicto in advanced prostate cancer treatment. Additionally, Novartis confirmed its acquisition of MorphoSys for €2.7B. In 2023, Pluvicto sales reached $980 million.

April 04, 2024 | 6:09 pm
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Novartis AG shares increased following the announcement of positive Phase 3 study results for Pluvicto and plans for label expansion filing in 2024. The company also confirmed the acquisition of MorphoSys for €2.7B, and reported $980 million in Pluvicto sales for 2023.
The positive Phase 3 study results for Pluvicto and the announcement of its label expansion filing plans are likely to boost investor confidence in Novartis's growth prospects, particularly in the oncology segment. The acquisition of MorphoSys further strengthens its position in the cancer drug market, potentially leading to increased investor interest and a positive short-term impact on NVS stock price. The reported sales of $980 million from Pluvicto in 2023 also underline the drug's financial significance to Novartis.
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