TD Cowen analyst Michael Nedelcovych downgraded Novo Nordisk (NVO) to Hold from Buy with a price target of $42, down from $45. Questions remain around the Wegovy pill, CagriSema trials have “failed or underwhelmed,” and Ozempic prescriptions keep lagging, the analyst tells investors in a research note. The firm says insights from its healthcare conference last week “offered additional reasons for caution” on Novo shares. It moved to the sidelines pending greater clarity on the company’s long-term trajectory.
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