24H | Novo Nordisk Shares Down over 3%, Extending Monday's Losses. Novo's CagriSema Trial Miss Hurts Long-Term Outlook, Citi Says

Dow Jones16:08

Novo Nordisk shares fell another 3.6% in overnight trading after closing 16% lower on Monday.

Novo Nordisk's miss of a key goal in a late-stage comparison clinical trial of obesity drug CagriSema with Eli Lilly's Zepbound is a blow to the Danish drugmaker's long-term outlook, Citi analysts say.

CagriSema is Novo Nordisk's next-generation product intended to fill the gap left by the patent expiration of semaglutide, the key ingredient behind blockbuster obesity and diabetes drugs Wegovy and Ozempic, according to Citi.

The drug failed to show noninferior weight loss compared to market leader Zepbound and this, together with higher manufacturing complexity, makes it less likely to compete effectively, the analysts say. Citi cuts its target price on Novo Nordisk to 309 Danish kroner from 340 kroner.

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