Novo Nordisk named ‘Catalyst Driven Idea’ at Morgan Stanley

Morgan Stanley analyst Mark Purcell noted that data for Novo Nordisk’s (NVO) landmark Phase 3 obesity outcomes study, SELECT, are expected around mid-2023 and the firm has named the stock as a "Catalyst Driven Idea" ahead of that readout. In the firm’s base case scenario, Wegovy demonstrates a 12%-17% benefit on cardiovascular events and in such a case the firm would expect Novo and peer Eli Lilly (LLY) to trade up 5%-10%. Morgan Stanley has Overweight ratings on both Novo and Lilly shares.