10 Oversold Global Stocks To Buy Right Now

2. Novartis AG (NYSE:NVS)

14-day RSI Score: 27.96

Number of Hedge Fund Investors In Q3 2024: 28

Novartis AG (NYSE:NVS) is one of the biggest pharmaceutical companies in the world. Since it has not capitalized on the hype surrounding weight loss drugs, the shares are down by 0.83% year-to-date as investor expectations are focused on its drug portfolio. Some of Novartis AG (NYSE:NVS)’s key drugs are its prostate cancer drug Pluvicto, heart disease drug Leqvio, leukemia treatment Scemblix, and breast cancer treatment Kisqali. Among these, Pluvicto has driven the narrative this year, particularly after Novartis AG (NYSE:NVS)’s third quarter results revealed that the drug’s sales grew by a modest (in pharma terms) 36% annually after stripping away a pricing adjustment. Following the results, Novartis AG (NYSE:NVS)’s shares fell by 2.6% during the day’s trading. However, the firm is optimistic for the future as it believes that it can grow sales by 6% through 2028 driven by Pluvicto in particular.

Novartis AG (NYSE:NVS)’s management shared key details about the prostate cancer drug during the Q3 2024 earnings call. Here is what they said:

“Now, moving to slide 11, Pluvicto continued what we would characterize the steady performance in the post-taxane setting. Our focus at the moment is really laying the foundation for the PSMAfore launch in 2025, which would triple the number of patients eligible for Pluvicto. We saw 50% growth in the quarter. When you adjust for the one-time price adjustment in Europe, our sales growth grew 36%. Just to provide more context, that was true volume growth that we had in earlier quarters. As is always the case in certain European markets, our prices get adjusted over time. So, that was the reason for the uplift we saw in Europe.

Overall, we would expect quarter four to be broadly in line with quarter three excluding the RD adjustment. And I think for us now it’s really about preparing the market for Pluvicto PSMAfore opportunity. Our U.S. field force has now expanded. We’ve launched a DTC to drive HCP and patient awareness. We now have 530 treatment sites in the U.S., which we feel like covers the key geographic areas. We will continue to expand that over time quite significantly, but we feel comfortable that we have capacity now to fully support the Pluvicto PSMAfore launch and we’ll expand deeper into the community setting step-by-step. Our ex-U.S. launch is progressing well with good pricing and reimbursement discussions and so we feel very good about where we are to prepare for that launch next year.”