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The drugmaker released results for its highly anticipated late-stage clinical trials a few days apart, with one hitting the goals and the other two missing them, Berenberg says. \"Investor expectations for all three assets were high prompting a sharp negative--but fair--share price reaction,\" the analysts say. The next pipeline updates from Novartis include data from a late-stage study for remibrutinib in skin condition hidradenitis suppurativa and a midstage trial for QCZ484 in hypertension by year-end, they add. Berenberg lowers its target price on Novartis to 105 Swiss francs from 120 francs. 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