58% of Novo Nordisk’s (NYSE:NVO) Saxenda and Wegovy Users Quit Early

Shares of Novo Nordisk (NYSE:NVO) gained in today’s trading despite some not-so-positive news. A recent Blue Cross Blue Shield study found that about 30% of people who used the GLP-1 weight-loss drugs Saxenda and Wegovy between 2014 and 2023 stopped taking them within four weeks. The study also revealed that 58% discontinued using them within 12 weeks despite recommendations to take the drugs for at least 12 weeks to see significant health benefits.

The main reason for stopping appears to be uncomfortable side effects like nausea, vomiting, and diarrhea. In fact, Blue Cross Blue Shield noted that managing these side effects with effective coping strategies is crucial for sticking with the treatment. Out-of-pocket costs also play a role, as those paying less than $60 a month are more likely to continue than those paying between $60 and $99.

Interestingly, patients paying over $100 per month were more likely to stick with the treatment, which is most likely due to their financial commitment. In addition, the study noted that younger patients, those from underserved communities, and patients with co-morbidities like diabetes were more likely to stop early.

Is Novo Nordisk a Buy, Sell, or Hold?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on NVO stock based on five Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 59% rally in its share price over the past year, the average NVO price target of $148 per share implies 9.87% upside potential.

Is NVO the Right Stock to Buy for Passive Income? 

Before you hurry to invest in NVO, think about the following: 

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