1158 GMT - The latest study results from an obesity drug candidate that Roche Holding and Zealand Pharma are jointly developing seem unlikely to alter investors' views on the product, Jefferies analysts say in a research note. The drug, petrelintide, showed a modest effect in reducing blood-sugar levels and the reported weight-loss rate of 9.2% in obese patients with type 2 diabetes was broadly as expected, according to Jefferies. This suggests petrelintide's weight-loss efficacy fell by between 15% and 20% for this group compared with nondiabetic obesity patients, for whom Zealand previously reported a 10.7% reduction, the analysts say. A benign tolerability profile remains the main point of differentiation for the drug, the analysts say. Zealand Pharma shares fall 4%, while Roche's trade 1.4% lower.