Novo Nordisk: Berenberg lowers target price

(CercleFinance.com) - Berenberg announced on Monday that it had lowered its target price for Novo Nordisk from 975 DKK to 725 DKK, while maintaining its 'hold' recommendation on the stock.


The analyst notes that the Danish biopharmaceutical group has seen its market capitalisation shrink by some 480bn DKK - or $70bn - since the presentation of disappointing clinical results for CagriSema on 20 December.

By achieving a weight reduction of only 20% in study participants, the drug failed to live up to investors' expectations, the financial intermediary points out.

In the absence of conclusions validating the product's high potential ('best-in-class'), Berenberg expects investors to exercise caution in the highly competitive obesity market, not to mention the threat posed by the forthcoming loss of patent on semaglutide, the Danish company's flagship diabetes treatment, the professional says.


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