HSBC Raises Novo Nordisk (NVO) Price Target on Oral Semaglutide Market Share Boost

Novo Nordisk A/S (NYSE:NVO) is one of the best falling stocks to buy now. On August 7, HSBC maintained a “Hold” rating on Novo Nordisk and lifted the price target to 355 Danish Krone (DKK) from DKK340. HSBC increased the price target because it raised its estimates for the market share of oral semaglutide. Semaglutide is a pill that helps people with type 2 diabetes or obesity manage their condition. Novo Nordisk sells oral semaglutide for diabetes under the brand name Rybelsus.

HSBC projects that peak sales for the drug could exceed DKK15 billion ($2.34 billion) after 2034. The bank kept the “Hold” rating on the stock due to “ongoing concerns about market size” and “overhang compounders.” The analysts identified a potential “upside” for the stock if there is a recovery in Wegovy prescriptions in the U.S.

Novo Nordisk A/S (NYSE:NVO) is a Danish global healthcare company. It develops and manufactures pharmaceutical products for chronic diseases, with a primary focus on diabetes, obesity, and rare blood and endocrine disorders. The company’s portfolio includes GLP-1 therapies, such as Ozempic and Wegovy, as well as insulin and growth hormone treatments.

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Disclosure: None. This article is originally published at Insider Monkey.