HSBC lifts Novartis, downgrades Amgen in biopharma catalyst review

By EC Assets · Published 10 September 2026

HSBC has adjusted its ratings for Novartis and Amgen, lifting Novartis while downgrading Amgen. The changes occurred during a biopharma catalyst review. This comes as Novartis faced a setback with an experimental cardiovascular treatment. HSBC lifted Novartis and downgraded Amgen. This action was part of a biopharma catalyst review. Novartis's experimental cardiovascular treatment, pelacarsen, did not meet its primary endpoint in a cardiovascular trial. Novartis AG shares fell over 3% following the report about pelacarsen. Amgen's stock dropped after a phase 3 trial failure for a heart drug from Novartis and Ionis Pharma. BMO Capital Markets downgraded Amgen following this news. Despite Novartis's drug missing its target, UBS stated that Amgen's experimental heart drug olpasiran may still show a meaningful reduction in major cardiovascular events. HSBC has also made other adjustments. The bank cut LVMH to Hold from Buy. HSBC lowered its LVMH target to 490 from 600, and raised its sector beta to 1.10 from 1.00. HSBC is winding down its German business for transaction services, a move that will phase out over 300 jobs. HSBC increased its year-end 2026 price target for the S&P 500 to 8,100 from 7,650. This revised target was communicated in a note to clients on Tuesday. The bank cited stronger-than-expected corporate earnings and persistent investment in artificial intelligence for the target hike. Barclays also raised its year-end S&P 500 target to 7,950 from 7,800, citing a "standout earnings season" led by technology. HSBC explained that financial markets are shrugging off bad news due to a structural shift that has made risk assets resilient to shocks. Investors will monitor further developments in the biopharma sector, particularly regarding clinical trial results and analyst rating adjustments. This article is intended for informational purposes only. It does not constitute investment advice.