• (PLX AI) – The steep drop in Novo Nordisk shares yesterday was overdone and investors should buy the stock, analysts at Bank of America said in a research note.
  • • Novo Nordisk ended down 9.4% in Copenhagen yesterday despite raising its full-year outlook, after the Wegovy relaunch was pushed to late 2022 and the SELECT trial wasn't stopped based on interim data
  • • We do not believe that the probability of SELECT being clinically meaningful at final analysis has changed, Bank of America said
  • • We also do not believe that the few months delay to Wegovy materially impacts forecasts, while sentiment concerns over Mounjaro competition in a sizeable addressable market are overdone, BofA said
  • • The obesity opportunity is not at risk, but the proof has been delayed, analysts at SEB said
  • • The drawback was that Novo cannot stop the SELECT trial based on interim data and we have to wait for the final outcome in mid-2023: SEB
  • • Probably many investors had hoped the trial could be stopped early, but it doesn't mean that the final outcome won't be successful: SEB
  • • We still see upside to GLP-1 sales (driven by Ozempic) and upside to Wegovy sales in 2023 even without the CVOT sales boost in 2023, analysts at Carnegie said
  • • Assuming positive SELECT data mid-2023 the obesity case would be unchanged, with Novo and Lilly set to dominate and share an expanding GLP-1 and obesity market together: Carnegie
  • • Novo's solid Q2 numbers and guidance upgrade were already reflected in consensus, Danske Bank analysts said
  • • The continuation of the SELECT trial and a small delay of the Wegovy re-launch overshadowed the financials, but the trial will still likely read out positive: Danske

Quelle: PLX AI