Deutsche Bank Research has lowered the price target for Novo Nordisk from 400 to 275 Danish kroner after Cagrisema’s study failure and downgraded the shares from “Buy” to “Hold”.
Novo Nordisk shares were simultaneously downgraded from “Buy” to “Hold”. “I’m throwing in the towel,” wrote Emmanuel Papadakis on Monday afternoon. Sitting out a year with an almost double-digit decline in sales might have been just acceptable if one thought there was positive momentum for the near future, according to the expert. However, the failure in the REDIFINE-4 study in a direct comparison against Eli Lilly’s weight loss product put a huge dent in this thesis and his optimism for Cagrisema turned out to be a fallacy. That Cagrisema should not be inferior to Eli Lilly’s Zepbound would have been the bare minimum. Now only the strong market launch of Wegovy in pill form remains as a positive argument – not enough to circumvent the fear of an impending patent cliff, says Papadakis.
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Publication of the original study: February 23, 2026 / time not specified in the study / GMT First distribution of the original study: February 23, 2026 / 1:19 p.m. / GMT
FRANKFURT (dpa-AFX)
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