Jefferies trims Novo Nordisk target, cites uncertainty around GLP-1 pricing and oral Wegovy launch.

Jefferies has trimmed Novo Nordisk's price target to DKK270 from DKK275 and maintained a 'hold' rating ahead of the company's first-quarter results. The broker is concerned about GLP-1 pricing erosion, uncertainty around the oral Wegovy launch, and the risk that the new pill cannibalises the overall franchise. Jefferies sees the total GLP-1 franchise failing to grow in aggregate, with oral uptake pulling patients away from injectable products.