Jefferies sees Novo dropping ‘at least’ 10%-15% on obesity data

TipRanks

Sat, Dec 21, 2024, 5:25 AM 1 min read

Jefferies analyst Peter Welford says the first headline from Novo Nordisk’s (NVO) Phase III CagriSema obesity data “disappoint” with 20.4% absolute weight loss and patient adherence likely suggesting tolerability concerns. The firm’s buy-side survey suggested most anticipated 25%-27% absolute weight loss with fastrointestinal tolerability to be broadly similar to Wegovy. Jefferies notes its $7.75B peak CagriSema sales are well below the $20B-plus consensus. It expects the Novo shares to be down “at least” 10%-15% on the CagriSema obesity data. Jefferies keeps an Underperform rating on Novo Nordisk with an $81.50 price target The stock in premarket trading is down 19%, or $19.84, to $83.60.

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