Novo Nordisk placed on ‘Positive Catalyst Watch’ at JPMorgan

JPMorgan placed shares of Novo Nordisk (NVO) on “Positive Catalyst Watch” ahead of the CagriSema REDEFINE 1 obesity data. The firm’s analysis suggests CagriSema is likely to deliver 25% weight loss from baseline across the all comer trial population, with the potential for tolerability that is likely to be in the range of Wegovy and Zepbound’s approved labels, and potentially only a limited increase in gastrointestinal side effects relative to the Wegovy arm in the trial. This would give Novo a “best in disease product for obesity,” the analyst tells investors in a research note. JPMorgan sees current share levels as an “excellent level to buy” Novo Nordisk heading into the data. Confirmation of a best in disease profile could see the shares up at least 10%, the firm contends. It has an Overweight rating Novo.