On August 12, Novo-Nordisk A/S declined 3.05% in pre-market trading, trading at $45.75/share, with turnover of approximately $4.65 million.

On the news front, investment bank Berenberg lowered its target price on Novo-Nordisk from $50 to $47, becoming one of the latest institutions to issue a cautious signal on the stock. The downgrade reflects persistent market concerns over slowing GLP-1 product growth and intensifying competition from Eli Lilly.

The target price cut comes on the heels of Novo-Nordisk's August 5 Q2 earnings release, where despite an EPS beat of $0.96 versus the $0.81 consensus estimate, shares fell sharply as Wegovy oral sales of DKK 32.2 billion missed the DKK 33.2 billion expectation, and U.S. injectable Wegovy performance also came in below forecasts. The company's next-generation candidate CagriSema has lost two head-to-head trials against Eli Lilly's tirzepatide, further weighing on sentiment around the competitive outlook in the obesity drug market.

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