Novo Nordisk initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of Novo Nordisk with an Outperform rating and $163 price target. The company’s multiple in-development obesity and type 2 diabetes assets are likely to expand its existing portfolio like CagriSema, INV-202, and varied GLP-1/GIPR agonists, the analyst tells investors in a research note. In addition, the firm says Novo’s expanded manufacturing with Catalent allows for the company to continue to supply the capacity-constrained market. Novo well positioned to be one of two winners in the obesity market, contends BMO.