Novo Nordisk price target lowered to $110 from $140 at Argus

Argus lowered the firm’s price target on Novo Nordisk (NVO) to $110 from $140 but keeps a Buy rating on the shares and contends that the stock’s “discounted price offers buying opportunity”. The stock recently declined after the company released results from a Phase 3 trial of subcutaneous CagriSema, a fixed-dose combination of cagrilintide 2.4 mg and semaglutide 2.4 mg, which showed that people treated with CagriSema achieved an average weight loss of 22.7% after 68 weeks, but while these results missed the company’s previously stated target for an average weight loss of 25%, the results were still superior to the 20.9% average weight loss from Eli Lilly’s (LLY) rival drug Zepbound at its 15mg dose, the analyst tells investors in a research note. It still will take time before Novo Nordisk submits CagriSema to regulatory authorities, but the firm is encouraged by the slight edge that it appears to have over Zepbound, Argus adds.