Use the following information to answer the question(s) below. Company Ticker Price per Share Earnings Book Value per Share per Share Abbott Labs ABT 54.35 3.69 13.79 Bristol-Myers Squibb BMY 25.45 1.93 7.33 GlaxoSmithKline GSK 41.3 3.15 6.03 Johnson & Johnson JNJ 62.6 4.58 18.27 Merck MRK 36.25 3.81 10.86 Pfizer PFE $18.30 $1.20 8.19 Assuming that Novartis AG (NVS) has a book value of $20.00 per share, based upon the price-to-book ratios for its competitors, the lowest expected stock price for Novartis is closest to: