The shares of Swiss company Novartis (NOVN.CH) are gaining more than 5 per cent early in today's session on the back of successful clinical trials of the drug Kisqali, which helps in the fight against breast cancer.
As detailed studies have shown, the drug can prevent recurrence in a broad population and extends life expectancy for patients facing cancer. As Jefferies analysts added - "The data suggest that the treatment can reduce the risk of the cancer returning after several years without a negative change in quality of life. The broad patient population that could benefit from the drug opens up a market of nearly $6bn for Novartis."
Positive trial results are likely to benefit the company's financial performance and increase consensus over the longer term.
The company's shares are currently testing a zone of resistance defined by the confluence of the 50-, 100- and 200-day exponential moving averages. Source: xStation 5
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