Swedish bank slashes Novo Nordisk price target ahead of 2022 outlook

Swedish bank Handelsbanken has reduced its share price target for Novo Nordisk by DKK 95 (USD 14.5) due to uncertainties about the pharmaceutical company's forecast for 2022, slated to be publicized on February 2.

Photo: Jacob Gronholt-Pedersen/Reuters/Ritzau Scanpix

Swedish bank Handelsbanken has lowered its share price target for Novo Nordisk from DKK 745 (USD 113.5) to DKK 650 (USD 99), while the bank's recommendation remains on "hold," Handelsbanken reports in an analysis.

The change is due to some reservations about Novo Nordisk's 2022 guidance, which will be publicized in the company's financial report for 2021 on February 2. Expectations therein might be on the lower side, as December brought news of supply issues from a subsupplier, which have meant that Novo Nordisk will only be able to meet demand for the the lowest initial doses of weight loss treatment Wegovy to a limited extent in the first half of 2022.

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