Novo Nordisk A/S (NYSE:NVO) is one of the Best Non-US Stocks to Buy According to Hedge Funds. On December 12, Novo Nordisk A/S (NYSE:NVO) announced receiving a positive opinion by the European Medicines Agency’s Committee for Medicinal Products for Human Use for a higher dosage of Wegovy.
The positive opinion is based on improved weight loss results of around 20.7% at 72 weeks in people without diabetes. Management noted that the STEP UP and STEP UP T2D clinical trial program showed that one in three obese people without diabetes in the trial achieved 25% or more weight loss at 72 weeks using Wegovy. Moreover, these results also complement the already proven benefits of the drug, which include significant reduction in cardiovascular risks and reduction in knee pain from osteoarthritis.
That said, Novo Nordisk A/S (NYSE:NVO) has also applied for a single-dose device to deliver Wegovy 7.2 mg at the European Medicines Agency. Moreover, the company’s Semaglutide 7.2 mg is also under review in the United States, the United Kingdom, and several other countries, with decisions expected in the next few months.
Wall Street has a cautious outlook on the stock. Recently, on December 10, Rajesh Kumar from HSBC reiterated a Hold rating on the stock and raised the price target from $47 to $54. However, earlier on December 5, Jasper Hellweg from Argus Research downgraded the stock from Buy to Hold, without disclosing any price target.
Novo Nordisk A/S (NYSE:NVO) is a global healthcare company focused mainly on diabetes and obesity care.
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Disclosure: None. This article is originally published at Insider Monkey.
