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Posted 9/7/2023, 10:03:47 PM

Novo Nordisk Stock Jumps as JPMorgan Boosts Price Target on Obesity Drug Growth Outlook

Novo Nordisk stock rose over 2% on Thursday, outpacing the broader market S&P 500 index.
The increase was driven by JPMorgan raising its fair value estimate for Novo Nordisk from 1,200 to 1,500 Danish kroner per share.
The estimate revision was based on JPMorgan increasing its forecast for the total obesity drug market to $71 billion by 2032.
JPMorgan believes Novo Nordisk will capture significant share in the growing obesity market with its drug Wegovy.
JPMorgan also sees upcoming Wegovy clinical data showing reduced heart attack and stroke risk as a catalyst for Novo Nordisk.

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