1640 GMT - Novo Nordisk's search for small deals to bolster its drug pipeline looks sensible, Berenberg analysts say. The Danish drugmaker's CEO seems bullish on the prospects for the obesity-pill market, but Novo Nordisk might need deals to add more oral medicines to maintain its lead, according to Berenberg. Novo Nordisk needs to diversify from semaglutide--the key ingredient in its blockbuster drugs Ozempic and Wegovy for diabetes and obesity--and its strong balance sheet allows it to do so, the analysts say. "As such, small molecule-focused business development seems likely," the analysts add. Berenberg cuts its recommendation on Novo Nordisk's stock to hold from buy, trimming its target price to 305 Danish kroner from 325 kroner. Shares close 2.5% lower at 299.50 kroner.