© Reuters. SELECT trial data a ‘significant catalyst’ for Novo Nordisk (NVO) – Morgan Stanley
Morgan Stanley analysts maintained an Overweight rating on Novo Nordisk (NYSE:) in a note Tuesday ahead of the SELECT trial data. The analysts raised the price target on the stock from DKr 1,210 to DKr 1,370 per share.
The analysts told investors that they believe the excitement on the obesity thematic will build into the SELECT data at the American Heart Association (AHA) meeting from November 11 to 13.
“SELECT details have the potential to be a significant catalyst,” they wrote. “The landmark obesity SELECT trial showed that taking weight loss drug Wegovy reduced the risk of heart attacks, strokes and cardiovascular deaths (MACE-3) in non-diabetic obese patients by 20%, ultimately proving that “weight management saves lives.”
However, Morgan Stanley believes further details on the study to be presented at the AHA meeting “have the potential to further increase excitement surrounding the use of GLP-1 medicines more broadly.”
“Importantly, we expect the SELECT data to support a differentiated profile for semaglutide (active ingredient in Wegovy) beyond weight reduction, acting as a further meaningful catalyst for Novo shares as use in new co-morbidities is opened up,” the analysts concluded.
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