Novo Nordisk stock slips as heart drug trials are halted and Barclays cuts its target

Published on 09/08/2026 at 17:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Novo Nordisk stock is under pressure after the company halted two late-stage trials of its experimental heart drug ziltivekimab, while Barclays trimmed its target price. Investors are weighing the setback against strong obesity drug data and a solid dividend profile.

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 (ISIN DK0062498333) is trading below DKK 300 on Nasdaq Copenhagen as of September 8, 2026, after fresh trial setbacks for its experimental heart drug ziltivekimab and a target cut from Barclays put renewed pressure on the valuation.MarketScreener

Heart drug trial setback dominates the news

On September 8, 2026, Novo Nordisk announced that it would discontinue two late-stage clinical trials of ziltivekimab for cardiovascular indications after an independent committee concluded there was a low probability of achieving favorable results.GuruFocus According to coverage summarizing the decision, the move follows disappointing Phase 3 ZEUS trial data in which the drug failed to reduce major cardiovascular events versus placebo, further dimming growth prospects for this particular pipeline asset beyond obesity and diabetes care.GuruFocus

While two ziltivekimab trials are being stopped, a separate study in patients recovering from heart attacks is continuing, with results expected in the first half of 2027, so the compound is not being abandoned entirely at this stage.GuruFocus For investors, however, the key short-term impact is that one potential new revenue stream now looks less likely, reinforcing the reliance on obesity and diabetes franchises to drive top-line and earnings growth over the coming years.

Stock hovers just below prior close and target cut adds pressure

Market data from September 8, 2026, show Novo Nordisk shares trading around DKK 297.52 in Cboe Europe real-time estimates, down 0.48% on the day, compared with a prior official close of DKK 298.95 on Nasdaq Copenhagen on the last completed trading day.MarketScreener That leaves the stock slightly below the latest revised price target from Barclays, which lowered its objective to DKK 300 from DKK 310 while maintaining an equal-weight rating, signaling more muted upside expectations after the trial news.MarketScreener

Based on the same data, Novo Nordisk shares are down 8.82% year-to-date as of September 8, 2026, even though the stock remains only about 3.46% below the average analyst target price of DKK 309.30, suggesting that, in aggregate, the sell-side still sees limited but positive upside from current levels.MarketScreener In pre-market trading in the United States on September 8, 2026, the American depositary receipt (ADR) under the ticker NVO changed hands at USD 46.07, a decline of 1.14%, indicating that US investors reacted similarly cautiously to the trial setback. Futunn

Valuation debate: dividend strength versus pipeline risk

Despite the negative headline around ziltivekimab, several valuation-focused analyses argue that Novo Nordisk stock now trades at a substantial discount to intrinsic value and offers an unusually high income component by its own historical standards.GuruFocus One assessment on September 8, 2026, cites a dividend yield of 3.86% with a payout ratio of about 50% and a three-year dividend growth rate of 27.8%, indicating that shareholder distributions have grown rapidly while still leaving room for reinvestment in research and development and capacity expansion.GuruFocus

The same analysis uses the proprietary GF Value metric to estimate an intrinsic value of USD 105.83 per ADR versus a contemporaneous trading price of USD 46.60, implying that the stock is around 56.0% undervalued on that methodology.GuruFocus A separate discounted cash flow review published on September 8, 2026, reaches an earnings-based intrinsic value of USD 90.57 per ADR compared with the same USD 46.60 market price, corresponding to a margin of safety of 48.5%, although a cash-flow-based model in that piece yields a much lower value of USD 25.80 and therefore a negative margin of safety of 80.6%.GuruFocus

On traditional multiples, Novo Nordisk is also portrayed as inexpensive relative to its own history, with a trailing price-earnings ratio of 11.41 times compared with a five-year median multiple of 35.41 times in one of the value-focused reports.GuruFocus For long-term investors, the tension is therefore between a near-term pipeline disappointment and rich competition in obesity drugs on one side, and what several models describe as a deep discount to estimated intrinsic value on the other side.

Obesity franchise remains a growth engine

Set against the cardiovascular pipeline setback, Novo Nordisk continues to post strong clinical data in its core obesity segment, which many analysts still see as the primary driver of medium-term growth.GuruFocus On September 8, 2026, the company reported results from its phase 3 STEP Young trial in children aged 6 to under 12 years, showing that after 68 weeks of treatment with semaglutide, 40.4% of participants no longer met the criteria for obesity, highlighting the drug's potential in pediatric weight management.GuruFocus

This outcome reinforces Novo Nordisk's leadership in GLP-1-based therapies and could eventually broaden the addressable market beyond adults, although any additional pediatric indication will also face close regulatory scrutiny and reimbursement debates.GuruFocus For the moment, the contrast between negative news in cardiovascular development and positive obesity results illustrates how concentrated the investment case has become around the performance and safety profile of semaglutide and related compounds.

Representative product: semaglutide-based treatments

At the center of Novo Nordisk's strategy is semaglutide, the active ingredient behind several of its flagship diabetes and obesity medicines that have transformed the company's revenue mix in recent years.GuruFocus The strong response rates observed in adults and now in the STEP Young pediatric obesity study underscore how semaglutide-based products remain the key engine of both volume growth and pricing power, even as competition from other GLP-1 players intensifies.

Stock and valuation snapshot

As of the close on Nasdaq Copenhagen on September 7, 2026, Novo Nordisk stock finished at DKK 298.95, with intra-day trading around DKK 297.52 on September 8, 2026, corresponding to a modest daily decline of about 0.48% in Cboe Europe estimates relative to the prior close.MarketScreener In parallel, the NVO ADR was quoted at around USD 46.60 in recent US trading, leaving the shares trading at a substantial discount to several intrinsic value estimates that cluster between roughly USD 90 and USD 108 per ADR, according to discounted cash flow and GF Value models cited by valuation services.GuruFocusGuruFocus