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Deutsche Bank maintains Buy rating on Novo Nordisk stock

EditorAhmed Abdulazez Abdulkadir
Published 2024-06-20, 10:04 a/m

On Thursday, Deutsche Bank (ETR:DBKGn) reaffirmed its Buy rating on Novo Nordisk (CSE:NOVOb) (NOVOB:DC) (NYSE: NYSE:NVO) with a price target of DKK1,100.00. The endorsement follows a discussion with Novo Nordisk's head of R&D, Martin Lange, as part of Deutsche Bank's Q2 2024 Pharma R&D call series.

During the call, Lange provided updates on several of Novo Nordisk's clinical programs, including cagrisema for obesity, Rybelsus for type 2 diabetes (T2D), and Wegovy for NASH (non-alcoholic steatohepatitis). These programs are expected to yield results in the second half of 2024.

The bank noted the competitive landscape in the pharmaceutical sector, acknowledging the presence of both injectable and oral competitors. Despite this, the conversation with Lange was described as encouraging, particularly regarding the development program for amycretin, Novo Nordisk's fourth-generation asset.

Novo Nordisk's ongoing research efforts are aimed at advancing treatments for obesity and diabetes, with cagrisema poised to be the third-generation obesity medication following Saxenda and Wegovy. Rybelsus's SOUL trial in T2D and Wegovy's ESSENCE trial in NASH are also anticipated later this year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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