Analysts at Jefferies have warned that Bayer is facing challenges on multiple fronts, which are pushing the need for strategic options. A halt to a late-stage clinical trial of experimental cardiovascular drug asundexian pushes financial risk to the edge, while share-price falls increase sensitivity to rising provisions and potential trial losses in a legal battle over its Roundup weedkiller. This suggests that the German pharmaceutical-and-agricultural group might need to sell assets and scrap dividends to buy time. However, this may not be enough to enable large-scale investments needed in its pharma business, Jefferies says. The research firm has cut its recommendation on the stock from buy to hold. Despite this, shares are trading 0.3% higher following Monday’s heavy losses.