Novo Nordisk downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Novo Nordisk (NVO) to Neutral from Overweight with a price target of DKK 250, down from DKK 350. The firm cites the “disappointing” CagriSema REDEFINE 4 data, which showed an inferior weight loss profile to Lilly’s Zepbound in obesity and more limited effect on blood glucose in the type 2 diabetes trials, for the downgrade. JPMorgan further reduced its CagriSema forecasts and now sees a more challenging uptake for the product given its “inferiority” to Zepbound. It cut its CagriSema forecasts by up to 63% through 2030.