Novo Nordisk (Buy, TP: DKK410.00) - Strong PIONEER data bodes well
Novo Nordisk has published successful results from PIONEER 1, the first of ten global phase IIIa trials for oral semaglutide with readout in 2018e. We highlight that the study shows efficacy close to best in class GLP-1, Ozempic, and an impressive side-effect profile. Based on the strong data, we now see 70% chance of approval, a probability that is likely to increase with the nine remaining studies. We have lifted our target price to DKK410, and reiterate our BUY recommendation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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