Novo Nordisk (NYSE:NVO) remains firmly in favour with analysts at Barclays ahead of the latest trial data for diabetes drug Wegovy that is due next week.
It was the “stunning” numbers from the previous update of the SELECT trial in August that sent the value of the Danish pharma soaring and sparked a stampede from people to get hold of the drug.
Supply issues were a major issue at an investor’s meeting yesterday after its results said Barclays, where a significant step-up in Wegovy volumes was promised in 2024 by the company.
“We think concern regarding the supply ramp and how that could impact 2024 forecasts was one of the (albeit limited) bear nodes to be worried about; with this out of the way, it's back to clinical catalysts,” said the bank.
Results from the SELECT study will be presented at the American Heart Association (AHA) conference on November 11.
Results from two other trials are expected by the end of 2023.
Barclays has an overweight rating and a target price of DKK825.against DKK683.40 today.