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Investing.com - HSBC raised its price target on Novo Nordisk (CSE:NOVOb) (NOVOB:DC) (NYSE:NVO) to DKK355.00 from DKK340.00 on Thursday, while maintaining a Hold rating on the Danish pharmaceutical company’s stock. The pharmaceutical giant, with a market capitalization of $213.5 billion, has seen its stock trading near 52-week lows recently, according to InvestingPro data.
The price target adjustment represents an approximately 11% upside potential for Novo Nordisk shares, according to HSBC’s analysis.
HSBC cited increased market share estimates for oral semaglutide as the primary reason for the target price revision, with the firm now projecting peak sales exceeding DKK15 billion beyond 2034.
Despite the higher price target, HSBC maintained its Hold rating on Novo Nordisk stock, noting persistent questions regarding market size and "overhang compounders."
The firm identified potential upside risk from Wegovy US prescription recovery and downside risk from a possible delay in Cagrisema filing.
In other recent news, Novo Nordisk has been involved in several notable developments. The company recently announced a reduction in its 2025 operating profit guidance by approximately 7%, prompting HSBC to downgrade its stock from Buy to Hold and lower the price target to DKK360.00 from DKK680.00. UBS also downgraded Novo Nordisk from Buy to Neutral, citing concerns about the company’s growth prospects in the GLP1 market and reducing the price target to DKK340.00 from DKK600.00. BMO Capital has adjusted its price target for Novo Nordisk to $50.00 from $55.00, maintaining a Market Perform rating due to the company’s strategic shifts in obesity and metabolic treatments.
Novo Nordisk is also expanding its legal efforts, announcing 14 new lawsuits against companies involved in producing and marketing compounded semaglutide products. These lawsuits are part of a broader legal strategy, with the company filing 132 complaints across 40 states, resulting in 44 permanent injunctions. Meanwhile, Barclays (LON:BARC) has maintained its Equalweight rating and DKK375.00 price target on Novo Nordisk following reports of a planned Medicare pilot program for GLP-1 drugs, which could impact the company’s products like Ozempic and Wegovy. These recent developments reflect a period of strategic adjustments and legal activities for Novo Nordisk.
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