Zurich, Jan 18, 2026, 17:32 CET — Market closed
- Roche (ROG) ended the session up 0.93%, closing at 348.90 Swiss francs
- Goldman Sachs upgraded Roche to Neutral, while UBS maintained its Buy rating and raised the target price
- Investors will focus on Roche’s full-year results, due Jan. 29
Roche Holding Ltd’s non-voting shares ended Friday up 0.93%, closing at 348.90 Swiss francs. The stock has remained within a narrow band heading into Monday’s session. 1
Goldman Sachs upgraded Roche from “sell” to “neutral” and boosted its 12-month price target to 365 Swiss francs, up from 260. The bank highlighted a smoother slate of clinical milestones expected in 2026, following late-2025 trial results. It singled out fenebrutinib, Roche’s experimental multiple sclerosis treatment, and the breast cancer drug giredestrant as key growth drivers. Despite the optimism, Goldman Sachs held back on a buy rating, noting Roche’s sharp rally since November. 2
UBS stayed on the bullish side. Analyst Matthew Weston maintained his buy rating and bumped the target price up to 384 Swiss francs from 356, ahead of Roche’s full-year results due Jan. 29. 3
Price moves are leading the conversation. Roche last traded at 348.90 Swiss francs, slightly up from a previous close of 345.70. The intraday range stretched from 345.80 to 349.70, matching the high end of its 52-week span between 231.90 and 349.70, per 6 .
A “price target” reflects a broker’s forecast of where a stock might land within the next 12 months. In pharma, “catalysts” usually refer to key events like late-stage trial results, regulatory rulings, or earnings updates that can shift the stock’s trajectory.
Roche’s equity setup adds layers to its ticker. It trades bearer shares and non-voting equity on the SIX Swiss Exchange, while its American depositary receipt appears on the OTCQX market under RHHBY, according to the company’s investor details. 4
The clinical narrative driving the broker shift has been unfolding for weeks. Back in December, Roche reported that giredestrant reduced the risk of invasive disease recurrence or death by 30% in its phase III lidERA trial. Chief Medical Officer Levi Garraway described the results as evidence of the drug’s potential to become a new standard-of-care endocrine therapy. 5
That said, the stock’s proximity to its 52-week high means any slip-up—whether slower guidance, messy earnings, or setbacks in late-stage trials—could trigger quick profit-taking.
Looking ahead to the week, the key question is whether Monday’s session will see follow-through buying after recent upgrades or a breather after a solid rally. Traders will also watch broader risk appetite closely, as large-cap pharma often acts as a defensive haven—until it suddenly doesn’t.
Roche’s full-year results drop Thursday, Jan. 29. Investors want to see 2026 guidance and fresh details on the pipeline behind the recent change in broker sentiment.
