(CercleFinance.com) – Oddo BHF maintains its outperformance rating on the Novo Nordisk share with a price target raised from 1,210 to 1,440 DKK.
The analyst recalls that the laboratory yesterday published preliminary results on its ‘SELECT’ trial and that the trial achieved its main objective by demonstrating a statistically significant reduction in the MACE score of 20% under semaglutide 2.4 mg compared to the placebo (in summary, 20% reduction in the risk of having a cardiovascular event under Wegovy).
‘The rise in the stock yesterday demonstrates the enthusiasm for this announcement. Detailed SELECT results will be presented at a scientific conference. A request for modification of the prescription leaflet should be made quickly’, emphasizes Oddo BHF.
The broker believes that these clinical results reinforce its investment thesis. “We are adjusting our estimates for sales of the drug by +18% to reach DKK 102 billion at peak,” he concludes.
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