Argus downgraded Novo Nordisk (NVO) to Hold from Buy. The company has seen the market share of its GLP-1 drugs – Wegovy and Ozempic – decline in recent quarters and has also agreed to lower prices of these drugs in the U.S. markets, the analyst tells investors in a research note. Novo Nordisk will also soon face the entrance of generic versions of these products in certain international markets while, concurrently, some of the company’s key clinical trials have “failed to impress”, with the recent trials of semaglutide not confirming superiority relative to placebo in reduction of Alzheimer’s disease progression, the firm added.
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