HSBC reshuffles biopharma ratings, lifts Novartis target and trims Amgen amid catalyst review
HSBC has updated ratings and price targets across its biopharma coverage after a strong Q2 2026 rally. The bank raised Novartis to Hold and trimmed Amgen to Hold, while keeping Buy calls on several large-cap names. Analysts say lofty valuation multiples and a mapped catalogue of clinical catalysts mean stock performance over the next year will depe…