Novo NVO stock declined 2.1% on Friday as a Morgan Stanley downgrade added fresh pressure. The investment bank reportedly cut NVO to "Underweight" from "Equal-weight" while retaining a $40 (DKK 250) price target, arguing that the valuation does not fully reflect muted medium-term growth and the looming semaglutide patent cliff. Morgan Stanley's concern reportedly centers on the durability of Novo's growth beyond the current GLP-1 boom. It believes medium-term growth could remain subdued, while the eventual loss of exclusivity for semaglutide represents a significant longer-term risk.
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