ADRs Fall, Novartis and Autohome Trade Actively
October 02 2019 - 5:46PM
Dow Jones News
By Allison Prang
International stocks trading in New York closed lower
Wednesday.
Novartis AG (NVS) and Autohome Inc. (ATHM) were among the
companies with ADRs that traded actively.
The S&P/BNY Mellon index of American depositary receipts
fell 1.9% to $133.46. The European index dropped 2.6% to $123, the
Asian index declined 0.9% to $159.61, the Latin American index fell
2.1% to $215.56 and the emerging markets index was 1% lower at
$286.20.
ADRs of Novartis AG fell 2% to $84.35. Bausch Health Companies
Inc. said Tuesday it was suing a division of Novartis, Sandoz Inc.,
over its abbreviated new drug application for 550 mg tablets of
Xifaxan. Bausch alleges Sandoz infringed on 14 patents.
Additionally, Novartis said Wednesday a Phase III trial for
Cosentyx -- a treatment it is evaluating to treat spondyloarthritis
-- met its primary endpoint in a year's time. The Phase III trial
is ongoing, Novartis said.
ADRs of Autohome Inc. fell 2.6% to $82.22. Citi Research cut its
price target on the company by $3, lowering it to $98, but
continues to recommend buying the stock. Citi Research said it
expects investing in offline marketing other factors to hurt the
company's margin in the fourth quarter.
-- Justina Lee contributed to this article.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 02, 2019 17:31 ET (21:31 GMT)
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