Novo Nordisk downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Novo Nordisk (NVO) to Equal Weight from Overweight with a price target of DKK 375, down from DKK 700. The company’s profit warning may be a “kitchen sink,” but semaglutide’s return to volume growth lacks visibility, the analyst tells investors in a research note. Further, worth Novo’s pipeline lagging behind Eli Lilly (LLY), Barclays does not see a catalyst to get investors to return the story.