Morgan Stanley sees ‘limited impact’ to Lilly shares from Novo CagriSema data

Morgan Stanley analyst Terence Flynn notes that Novo Nordisk (NVO) reported CagriSema Phase 3 data in type two diabetes demonstrating weight loss of 15.7% at 68 weeks, which the firm believes is in line with expectations following the initial CagriSema Phase 3 obesity data in December and similar to Eli Lilly’s (LLY) Tirzepatide. The firm sees limited impact to Eli Lilly shares and says the focus remains on weekly scripts and Orfor Phase 3 data due in Q2. Morgan Stanley has an Overweight rating and $1,146 price target on Eli Lilly shares.