NVS Novartis AG

   By Allison Prang 
 

International stocks trading in New York closed lower Wednesday.

Novartis AG (NVS) and Autohome Inc. (ATHM) were among the companies with ADRs that traded actively.

The S&P/BNY Mellon index of American depositary receipts fell 1.9% to $133.46. The European index dropped 2.6% to $123, the Asian index declined 0.9% to $159.61, the Latin American index fell 2.1% to $215.56 and the emerging markets index was 1% lower at $286.20.

ADRs of Novartis AG fell 2% to $84.35. Bausch Health Companies Inc. said Tuesday it was suing a division of Novartis, Sandoz Inc., over its abbreviated new drug application for 550 mg tablets of Xifaxan. Bausch alleges Sandoz infringed on 14 patents. Additionally, Novartis said Wednesday a Phase III trial for Cosentyx -- a treatment it is evaluating to treat spondyloarthritis -- met its primary endpoint in a year's time. The Phase III trial is ongoing, Novartis said.

ADRs of Autohome Inc. fell 2.6% to $82.22. Citi Research cut its price target on the company by $3, lowering it to $98, but continues to recommend buying the stock. Citi Research said it expects investing in offline marketing other factors to hurt the company's margin in the fourth quarter.

-- Justina Lee contributed to this article.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 02, 2019 17:31 ET (21:31 GMT)

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