Berenberg has lowered its price target for Danish pharmaceutical giant Novo Nordisk to DKK 300 from DKK 360, following a downward revision of sales forecasts for the obesity drug Cagrisema. This was detailed in an analysis reported by Bloomberg News.

The adjustment follows new clinical data which, according to the investment bank, reduces the drug's potential market. At the same time, Berenberg maintains that Cagrisema could still become a significant obesity treatment, noting that several studies have shown weight loss of approximately 20 percent. The peak sales forecast has been reduced to DKK 60 billion from the previous DKK 126 billion.

Berenberg maintains a Buy rating on Novo Nordisk.

Novo Nordisk shares are trading unchanged at just under DKK 250.