Novo Nordisk upgraded to buy at Guggenheim ahead of upcoming cardiac data for Wegovy

May 31, 2022 12:46 PM ETNovo Nordisk A/S (NVO)By: Jonathan Block, SA News Editor2 Comments

New Nordisk

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  • Guggenheim has upgraded Novo Nordisk (NVO) to buy from neutral citing the anticipated results from the SELECT trial for Wegovy (semaglutide) in lowering major adverse cardiac events.
  • The firm has a price target of DKK 896 (~17% upside based on Tuesday's close in the Nasdaq Nordic market).
  • Analyst Seamus Fernandez said that positive results from the study of 17.5K obese non-diabetic patients could improve reimbursement for GLP-1/incretin medications and further expand the obesity drug market. An interim analysis is expected in Q3.
  • He added that by 2031, the diabetes and obesity market could be more than $50B.
  • During a March 3 capital markets day, Novo Nordisk (NVO) said it wants to double its obesity drug sales by 2025.
  • Read why Seeking Alpha contributor calls Novo Nordisk (NVO) a "overvalued pharma."

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