There are still just over two months remaining until the end of December, but for shareholders of Kuros, the year 2026 is shaping up as a difficult period. Although the shares of the bone graft substitute manufacturer have recently recovered some ground, they still record a sharp decline of nearly 24 percent compared to the opening days of January. This performance places Kuros among the 20 weakest Swiss equities of the year.
Providing a lift to the shares is a recent commentary from Martin Schnee, an analyst working for AlphaValue. Maintaining both his buy recommendation and a price target of 34.80 francs, Schnee notes that his discounted cash flow model now points to a theoretical net present value for all future earnings of 47 francs per share, compared to 43.40 francs previously. That figure would correspond to more than a double of the current share price, though the analyst does not incorporate this higher net present value into his official price target.
Regarding recent management transactions at Kuros, a share sale amounting to roughly 550,000 francs was reported to the SIX Swiss Exchange at the beginning of October, followed by a share purchase totaling 280,000 francs just two weeks later. Disclosure filings indicate that the second transaction was based simply on the exercise of employee options, meaning an individual acquired nearly 60,000 registered shares at 4.75 francs apiece, providing no positive signaling effect for fellow shareholders.
At the start of the week, non-voting equity securities of Roche traded at peak levels of up to 397 francs in early dealings, bringing the Basel-based pharmaceutical and diagnostics group close to its previous record high set in the spring of 2022. Positive momentum continues to stem from competitor Novartis experiencing a setback with its remibrutinib competing agent for multiple sclerosis, as well as an upgrade by Deutsche Bank on Friday from hold to buy with a price target raised to 500 francs from 340 francs. Just days earlier, Oddo shifted its rating from underperform to outperform, with an adjusted price target of 440 francs compared to 300 francs previously.
With Roche non-voting equity having gained no less than 50 percent in value since last November, analysts point to multibillion-dollar sales expectations for the breast cancer treatment giredestrant and the multiple sclerosis medication fenebrutinib. However, questions persist regarding Roche chief Thomas Schinecker's re-entry into the GLP-1 weight-loss drug market. While the market for these treatments is expected to grow strongly in the coming years, the therapeutic area remains intensely competitive, dominated by Novo Nordisk and Eli Lilly alongside a multitude of new market entrants and generic manufacturers offering lower-cost biosimilars.
A barometer for Roche's push into this therapeutic area is found in the shares of Zealand Pharma. In March 2025, the Basel company entered into a collaboration with the Danish pharmaceutical firm worth up to 5.3 billion dollars, centered around the active ingredient petrelintide. While Roche non-voting equity approaches its spring 2022 record high, Zealand Pharma shares remain near multi-year lows, having lost more than half their value over the past 12 months and two-thirds since the collaboration was announced. This decline coincides with research successes by Boehringer Ingelheim in the same therapeutic field.
