Analyst Peter Welford from Jefferies expressed disappointment with the first headline from Novo Nordisk’s Phase III CagriSema obesity data, which showed 20.4% absolute weight loss. The data suggests that patient adherence may indicate tolerability concerns.
Jefferies had anticipated 25%-27% absolute weight loss and expects fast gastrointestinal tolerability to be similar to Wegovy. However, the company’s peak sales projections for CagriSema are significantly lower than the consensus estimate of $20B-plus. As a result, Jefferies forecasts that Novo Nordisk shares will decline by at least 10%-15%.
The firm maintains an Underperform rating on Novo Nordisk and has set a price target of $81.50. The stock is currently trading down 19% in premarket hours, or $19.84, to $83.60.
Source: https://finance.yahoo.com/news/jefferies-sees-novo-dropping-least-122547299.html