In a report released today, Michael Nedelcovych from TD Cowen maintained a Buy rating on Novo Nordisk (NVO – Research Report), with a price target of $105.00.
Michael Nedelcovych has given his Buy rating due to a combination of factors that highlight Novo Nordisk’s strong market position and potential for growth. The recent discussions with Novo Nordisk’s senior leadership have reinforced confidence in the company’s short to medium-term outlook. The improved supply of Wegovy is expected to boost its uptake, and enhanced marketing strategies alongside class growth are anticipated to support the performance of Ozempic.
Nedelcovych notes that the earlier decline in Wegovy prescriptions in the US was primarily due to production capacity issues rather than competitive pressures. With production improvements being realized and more Wegovy being distributed, prescription trends are likely to improve. Additionally, efforts to revitalize Ozempic prescriptions through brand awareness and broader labeling, especially with its cardiovascular and kidney disease benefits, are poised to restore growth. This strategic focus on the US market, where a significant portion of T2D patients remains untreated, further underpins the Buy rating.