After Novo Nordisk (NVO) reported results from its Phase 3b STEP UP trial, which showed that adults with obesity achieved a 20.7% weight loss over 72 weeks with once-weekly 7.2 mg semaglutide and lifestyle intervention, BofA analyst Sachin Jain called the data “a double edged sword.” The high-dose results lift the efficacy of semaglutide as “a mainstay in obesity and close to Zepbound for best in class profile,” but increases efficacy of an agent losing patent with limited differentiation versus CagriSema, the analyst explains. BofA has a Buy rating and DKK 1,075 price target on Novo Nordisk shares.
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