Novo Nordisk: UBS cuts from 'buy' to 'hold'
(CercleFinance.com) - UBS has downgraded its rating on the Novo Nordisk share from "buy" to "neutral," citing the Danish drugmaker's "strong" third-quarter results and upgraded guidance.
According to the broker, it is now time to take a break after the share's recent performance, which has risen by 32% year-to-date.
UBS believes it is time to take a breather as the group is heading into the launch of its oral semaglutide drug (Rybelsus).
"Rybelsus will be a big drug but early trends will be hard to interpret," the broker warns in a note.
As a result, it has cut its target price for the share from 395 Danish kronor to 375 Danish kronor.
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