Deutsche Bank upgrades Roche on bullish physician feedback for cancer drug

 Deutsche Bank upgraded Roche to “buy” from “hold” and raised its price target to CHF500 from CHF340, mainly because of positive physician feedback on giredestrant in its own oncology survey, analyst Emmanuel Papadakis said in a note after the company’s third-quarter results.

The broker published the survey alongside the report. Papadakis said physician feedback on giredestrant had leaned positive for some time but now seems “increasingly unequivocal,” with implications for both the near and medium term.

Papadakis said the upgrade comes late, calling the broker “late to a consensus trade” and “guilty of dragging our feet” on the physician feedback.

He said immediate risks have also eased, citing remigromig and denecimig. Expectations for Roche’s fenebrutinib are modest, he said, so this weekend’s MS data comparisons with other drugs appear to be of limited concern. Papadakis said he sees little reason to expect a better entry point any time soon.

Deutsche Bank had cut Roche to “hold” in 2025.