In a report released today, Michael Nedelcovych from TD Cowen maintained a Buy rating on Novo Nordisk, with a price target of $70.00.
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Michael Nedelcovych has given his Buy rating due to a combination of factors including Novo Nordisk’s strategic focus and promising opportunities in the obesity market. The company’s management is enthusiastic about the potential of an oral semaglutide formulation, which could unlock a new segment of the obesity market that is currently untapped. This segment includes individuals who are interested in weight loss therapies but are hesitant to use injectables.
Additionally, Novo Nordisk is enhancing its cash pay model by utilizing retail pharmacies and telehealth platforms, providing a robust launch platform for the oral semaglutide 25mg. Despite some challenges in their current GLP-1 portfolio, the company has adjusted its guidance to account for potential risks, and the pipeline remains strong. The new CEO is not expected to make major strategic shifts, maintaining the company’s focus on diabetes and obesity, which supports the Buy rating.
In another report released on August 8, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $54.00 price target.