Novo Nordisk stock falls as Morgan Stanley cuts rating

Published on 09/11/2026 at 15:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Novo Nordisk stock fell 1.21 percent to USD 44.02 on September 10, 2026. Morgan Stanley cut the rating to Underweight and kept the DKK 250 target.

Flatlay mit Spritze, Teststreifen, Notizbuch und Apfel auf weißem Untergrund — Novo Nordisk A/S (DK0062498333): Flatlay mit Spritze, Blutzucker-Teststreifen, Notizbuch und Apfel auf Weiß, Illustration mit AI erstellt.

Novo Nordisk stock (DK0062498333) fell 1.21 percent to USD 44.02 on September 10, 2026, while Morgan Stanley cut the rating to Underweight and kept the DKK 250 target. The move came after the bank said semaglutide and the coming patent expiry still point to weaker medium-term growth, as MarketScreener reported on September 11, 2026.

Semaglutide still drives the story

That downgrade sits next to a fresh company update from September 7, 2026, when Novo Nordisk said STEP Young met its primary endpoint in children aged 6 to under 12. The trial showed 40.4 percent of treated children were no longer classified as having obesity after 68 weeks, compared with 0 percent in the placebo group, according to the Globenewswire - Via Ritzau release.

The same release said the study enrolled 165 children and evaluated semaglutide over 68 weeks. Novo Nordisk also said the overall safety and tolerability were consistent with earlier trials, a detail that matters because the market is weighing pipeline breadth against patent pressure.

Buyback adds support

Another data point came from Novo Nordisk's share repurchase program. As of September 4, 2026, the company had bought back 32,034,179 B shares since February 4 at an average price of DKK 281.63, with a transaction value of DKK 9,021,774,283, according to the company's September 11, 2026 release on Globenewswire - Via Ritzau.

For investors, the contrast is clear: the stock is reacting to a 2026 valuation call, while the company is still pointing to pipeline data and capital returns. The market cap stood at USD 1.28 trillion, and the 52-week range was USD 35.12 to USD 64.16 on September 10, 2026, on CNN's quote page.

Price stays in range

Novo Nordisk stock traded at USD 44.02 on September 10, 2026, with a prior close of USD 44.58 and a 1.21 percent daily drop on BATS BZX, according to CNN. The same quote page showed a market capitalization of USD 1.28 trillion and a next earnings date of November 3, 2026.