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TD Cowen reiterated its Buy rating and $105.00 price target on Novo Nordisk (NYSE:NVO) Wednesday following meetings with the company’s senior leadership in Copenhagen. The pharmaceutical giant, with a market capitalization of $331 billion, currently trades at $74.39, with analyst targets ranging from $62.04 to $133.51.
The research firm noted that management is "encouraged" by volumes of its weight loss drug Wegovy through the NovoCare program, which helps patients access the company’s medications.
TD Cowen’s analysis suggested the REDEFINE 1 trial may have been affected by a high proportion of male participants and a short time point, issues the company is addressing in its new CagriSema Phase III trials.
The firm highlighted that Novo Nordisk is "all in" on cagrilintide monotherapy development, and the EVOKE trials include time-to-progression endpoints for Alzheimer’s disease.
Multiple upcoming catalysts were mentioned in the research note, though specific details about timing or nature of these potential developments were not provided.
In other recent news, Novo Nordisk announced plans to begin Phase 3 trials for its experimental weight-loss drug, amycretin, in both injectable and oral forms by early 2026. The company is also advancing CagriSema, another weight-loss treatment, into late-stage trials despite previous disappointing results. Meanwhile, Parvus Asset Management has acquired a stake in Novo Nordisk, aiming to influence the selection of a new CEO following a significant drop in share prices and underwhelming trial outcomes. The use of Novo Nordisk’s weight-loss drug Wegovy among American teenagers has risen, with new prescription rates increasing by 50% last year. BMO Capital Markets has maintained a "Market Perform" rating for Novo Nordisk, citing ongoing competitive pressures and the recent CEO transition. Additionally, Novo Nordisk’s collaboration with Septerna focuses on developing oral small molecule drug candidates, although these are still in early development stages. Despite these developments, analysts at BMO Capital suggest that Novo Nordisk may continue to face challenges without significant strategic changes.
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