Novo CB1 drug weight loss at ‘lower-end of hopes,’ says Jefferies

Jefferies notes that Phase 2a results from Novo Nordisk’s CB1 inverse agonist monlunabant showed estimated 5.8% placebo-adjusted weight loss at 16 weeks at 10mg once-daily dose, along with similar weight loss at higher doses, which the firm views as likely at the lower-end of -6%-8% expectations. Neuropsychiatric safety events were more common, and although none were serious, this “will not assuage investor concerns over the risk of CB1 drugs,” the analyst contends. The firm, which remains cautious on this program pending confidence in a clean safety profile, has an Underperform rating and DKK 575 price target on Novo Nordisk shares.