Novo Nordisk Flags Liver Benefits in Leaner MASH Patients as Bernstein Keeps Sell Rating Despite Higher Target
Published on 11/09/2026 at 03:50 | Editorial boerse-global.de
Novo Nordisk presented a post-hoc analysis of its Phase 3 ESSENCE trial at AASLD 2026 on Monday, covering 106 adults with MASH and liver scarring. The data pointed to advantages for semaglutide over placebo across several measures studied. The company explicitly labelled the exploratory analysis as hypothesis-generating.
Lower body weight subgroup
Researchers looked at a subgroup with a body mass index below 27 kg/m². Participants received semaglutide at a 2.4 mg dose or placebo.
According to Novo Nordisk, several measures of liver damage, disease activity and fibrosis favoured semaglutide after 72 weeks. The evaluation was conducted retrospectively within the ESSENCE study, and the company stressed its exploratory character when framing the findings.
Friday had already brought complementary real-world insights in adults with MASH. In a retrospective comparison with resmetirom, semaglutide was associated with an average weight loss of 8.6 kg after six months. Novo Nordisk cautioned that such observational data cannot establish a causal relationship.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
Other care studies presented at AASLD reported associations with lower liver enzyme levels and blood glucose readings, according to the company.
Research pact with Korro Bio wound down
A separate research decision came on 3 November, when Novo Nordisk announced the termination of its research collaboration and licence agreement with Korro Bio. Per Korro Bio, the termination takes effect on 1 February 2027. No milestone payment claims had arisen, according to the same statement.
More research contributions are slated for ObesityWeek, running 14–17 November 2026 in Washington, D.C. Among the 26 abstracts are CagriSema evaluations, real-world data on the Wegovy tablet and injection, and research into semaglutide use in children.
Bernstein lifts target, keeps Underperform
Bernstein Research raised its price target for Novo Nordisk to DKK 223 from DKK 203 on Friday, according to media reports. At the same time the research house reaffirmed its sell recommendation with an "Underperform" rating. The higher target therefore does not come with a more favourable view of the stock.
On the capital markets side, Novo Nordisk reported the buyback of 1.44 million B shares under its repurchase programme on Tuesday, spending roughly DKK 377 million.
On Wednesday, Martin Holst Lange — responsible for research and development and serving as chief scientific officer at Novo Nordisk — sold 12,000 B shares. The disposal was executed at DKK 285.00 each on Nasdaq Copenhagen.
Guidance raised, CFO change announced
The business backdrop is the upgraded annual outlook issued on Wednesday: Novo Nordisk expects growth of between -2% and +2% for both adjusted sales and adjusted operating profit in 2026, in each case at constant exchange rates.
Novo Nordisk at a turning point? This analysis reveals what investors need to know now.
In the third quarter of 2026, adjusted operating profit rose 27% at constant exchange rates, according to the company, reaching DKK 31.7 billion. Revenue from the Wegovy tablet amounted to DKK 5.39 billion.
Also on Wednesday, Novo Nordisk named Luigi La Corte as executive vice president and chief financial officer, Reuters reported. He succeeds Karsten Munk Knudsen, who will leave the company at year-end. La Corte joins from Galderma, where he served as CFO.
On Friday, Novo Nordisk additionally presented results from the PLATINUM-Truveta and RHODIUM-2 care studies. They linked Wegovy use in adults with MASH to reductions in liver enzymes, weight and blood glucose. The findings were unveiled at the AASLD liver congress.
Ad
Novo Nordisk Stock: New Analysis - 9 November
Fresh Novo Nordisk information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
