Morgan Stanley downgraded Novo Nordisk from Equal-weight to Underweight on September 11, 2026. The bank maintained a price target of 250 Danish crowns. This target implies a downside of more than 10% from the previous closing price.
Analysts cited a subdued mid-term growth outlook and an approaching patent cliff for the key drug semaglutide. The bank stated that current market valuations fail to reflect these upcoming headwinds.
Novo Nordisk shares fell 2.6% in early Copenhagen trading following the announcement. Morgan Stanley warned that the oral obesity franchise will likely struggle to offset pricing pressures and competition from Eli Lilly.