Novo Nordisk's Wegovy Shows Liver-Fat Benefit as Brokers Cut Targets and Buybacks Run
Published on 10/10/2026 at 11:40 | Editorial boerse-global.de
Fresh clinical evidence landed this week that Novo Nordisk's semaglutide does more than strip away pounds, yet the Danish drugmaker's shares remain pinned near the bottom of their yearly range as two major brokers trimmed their expectations.
A post-hoc analysis drawn from the STEP-UP trial, presented on October 1, tracked 55 obese participants without accompanying diabetes. Among those whose liver fat exceeded the 5 percent threshold at baseline, the share of fat stored in liver tissue fell sharply once treatment began. After 72 weeks on pooled injectable Wegovy at doses of 7.2 mg and 2.4 mg, 88.5 percent of these patients brought their liver-fat reading below 5 percent. The finding matters commercially: competition in obesity and metabolic medicine is increasingly fought over medical side benefits rather than scale alone.
Oral Switch Data and a Cardiovascular Comparison
One day earlier, on September 30, Novo Nordisk rolled out real-world figures from its OCTANE survey, which followed patients moved from an injectable GLP-1 therapy onto the oral Wegovy tablet. Those who stayed on the treatment shed an average of 4.1 percent of body weight across three months — evidence the company hopes will entrench oral formats alongside its established subcutaneous shots.
A separate set of real-world evaluations, released September 29, examined adults with type 2 diabetes. It pitted a semaglutide dose increase to 2 mg against a switch to rival tirzepatide, and found the higher dose carried a statistically significant 6 percent lower risk of major cardiovascular events.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
Deutsche Bank Stays Negative, Citi Trims Its Number
The steady drip of data has done little to lift the mood among analysts. Deutsche Bank Research cut its price target on Wednesday to 225 Danish kroner (DKK) from 245, keeping a "Sell" rating in place. The downgrade followed what media reports described as mildly negative findings and signals emerging from this year's EASD diabetes conference, with the analysts anticipating further pressure on the company's valuation.
Citi Research moved in the same direction a day earlier, lowering its target to 296 DKK while retaining a Neutral stance. It pointed to management's expectation that margins should stay broadly flat through 2030, and pared back its own forecast for annual earnings-per-share growth between 2027 and 2030 to 9 percent.
Buyback Program Keeps Grinding Along
Offsetting the cautious tone, Novo Nordisk is pressing ahead with a substantial share repurchase scheme. The company disclosed on Monday that it bought back 1,225,000 of its own B shares between September 28 and October 2, for a total of 307.4 million DKK. Since the program launched on February 4, the cumulative tally has reached 36,604,179 B shares worth roughly 10.25 billion DKK, against an overall framework of up to 15 billion DKK. The company is drawing down that envelope step by step to return capital to shareholders and cushion the market through a choppy stretch.
Denecimig Review Slips, Guidance Intact
Regulatory uncertainty added another layer of noise. The FDA extended its review of Denecimig, a hemophilia A candidate, because adjustments and remediation work at a manufacturing site have not yet been completed. The agency gave no new decision timeline. It did not, however, flag any clinical shortcomings on efficacy or safety. Novo Nordisk management stressed that the delay will not affect its financial outlook for the 2026 fiscal year.
By Friday's European close, the stock finished at 34.40 euros, a modest gain of 1.3 percent on the day. The year-to-date picture is far gloomier: a decline of 22 percent that leaves the shares trailing the broader market. Confirmation of additional medical uses offers fundamental support, but for now it is doing only limited work against the wider valuation squeeze.
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Novo Nordisk Stock: New Analysis - 10 October
Fresh Novo Nordisk information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
