Novo Nordisk downgraded to Hold from Buy at HSBC

HSBC analyst Rajesh Kumar downgraded Novo Nordisk (NVO) to Hold from Buy with a price target of DKK 300, down from DKK 445. Novo’s EVOKE and EVOKE-plus trials did not show superiority over placebo in slowing Alzheimer’s progression, removing a key potential driver for offsetting GLP pricing pressures, the analyst tells investors in a research note. Combined with expected 2026 impacts from price declines, generics, and weaker Ozempic trends, growth may be challenging to sustain, and the market may await tangible execution evidence for the obesity segment’s volume potential, HSBC says.