#Wall #Street #Analysts #Novo #Nordisks #Stock #Ahead #Earnings
Key takeaways
- Danish pharmaceutical giant Novo Nordisk is set to report its third-quarter 2024 earnings on Wednesday morning.
- Sales of popular weight-loss drugs Ozempic and Wegovy will be the focus of Novo’s investors.
- Analysts are generally bullish on the stock, with five “hold” ratings, six “buy” ratings and an average price target of about 28% above recent levels.
Novo Nordisk (NVO), maker of popular weight-loss drugs Ozempic and Wegovy, is set to report third-quarter earnings on Wednesday morning, with Wall Street analysts generally expectant of the Danish drugmaker’s stock.
Analysts with current ratings tracked by Visible Alpha have six “buy” ratings and five “hold” ratings or equivalent. The average price target for the company’s shares on the local stock exchange is 963.36 Danish kroner (about $140), about 28% above Monday’s close.
The company may face increasing competition in the weight loss market in the coming years. Companies like Viking Therapeutics (VKTX) and AstraZeneca (AZN) this week presented new data for their weight-loss drugs in various stages of clinical trials.
Novo Nordisk and Eli Lilly have production “moats” over competitors
Deutsche Bank analysts said Monday they believe Novo Nordisk, along with Monjaro and Zipbond maker Eli Lilly (LLY), have “built moats” that will make it difficult for other companies to scale production enough to challenge their dominant weight positions. Loss market.
Analysts expect Novo Nordisk to report revenue of 72.17 billion kroner ($10.48 billion) for the quarter, with sales of Ozempic and Wegovy expected to rise 28% and 63%, respectively, compared to the same time last year.
Eli Lilly’s results fell short of estimates last week, with Mounjaro and Zepbound sales continuing to rise and Lilly’s revenues boosting.
#Wall #Street #Analysts #Novo #Nordisks #Stock #Ahead #Earnings
