<p>周四，饱受压力的 <strong>诺和诺德公司</strong>（Novo Nordisk，NVO -6.05%）再次遭遇打击。自周二下调业绩指引以来，该公司遭遇投资者抛售，股价下跌近 6%，而另一位分析师对其前景发表了悲观看法。与此同时，<strong>标准普尔 500 指数</strong>（S&amp;P 500）仅小幅下跌。</p>
<h2>被下调至持有评级</h2>
<p>这位分析师是 <strong>汇丰银行</strong>（HSBC）的拉杰什·库马尔（Rajesh Kumar），他在当天早上下调了对诺和诺德的评级。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2NTcvcGVyc29uLWNoZWNraW5nLW1lZGljaW5lLW9uLWEtc2hlbGYtaW4tYS1waGFybWFjeS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2NTcvcGVyc29uLWNoZWNraW5nLW1lZGljaW5lLW9uLWEtc2hlbGYtaW4tYS1waGFybWFjeS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>库马尔现在认为该股票仅值得持有评级，低于他之前的买入评级。他还大幅下调了目标价，从之前的 680 丹麦克朗（$104.81）削减至 360 丹麦克朗（$55.49）每股。</p>
<p>据报道，库马尔特别对复合减肥药表示担忧，这种竞争形式影响了诺和诺德原本活跃的奥泽姆匹克（Ozempic）和维戈维（Wegovy）销售。分析师写道，尽管美国食品药品监督管理局（FDA）已禁止复合药物，但竞争对手仍在非法销售此类药物。</p>
<p>库马尔认为这种情况在短期内不会有太大变化，因此他认为当前对 GLP-1 药物总销售额的估计可能被高估。</p>
<h2>值得乐观的理由</h2>
<p>汇丰的分析师确实提出了合理的担忧和问题，尽管复合药物禁令对诺和诺德的最终影响将取决于其执行的有效性；或许，与库马尔的观点相反，违规方将被抓获并受到惩罚。</p>
<p>我不会像这位分析师那样对这家丹麦公司感到失望。这种激烈的竞争只证明了维戈维及其类似产品目前的受欢迎程度，而在一个像美国这样存在明显肥胖问题的广阔国家，这应该会继续推动其基本面向上发展。</p>

诺和诺德公司

<p>诺和诺德公司的股票在汇丰银行分析师 Rajesh Kumar 将其评级从买入下调至持有后，跌幅近 6%，并将目标价从 680 克朗下调至 360 克朗。Kumar 对复合减肥药的竞争表示担忧，尽管 FDA 已禁止其销售，但这些药物仍在非法销售。他认为目前对 GLP-1 药物销售的预估可能被高估。然而，一些分析师认为，Wegovy 和 Ozempic 的受欢迎程度仍可能推动增长，这取决于对复合禁令的执行情况</p>

<p>The hits just kept coming for beleaguered Ozempic and Wegovy maker <strong>Novo Nordisk</strong>(NVO -6.05%) on Thursday. The company, which has been slammed with investor sell-offs since cutting its guidance on Tuesday, fell by almost 6% as yet another analyst weighed in with a bearish take on its prospects. The <strong>S&amp;P 500</strong> index, meanwhile, traded down only slightly.</p>
<div class="lb-trans"><p>周四，饱受压力的 <strong>诺和诺德公司</strong>（Novo Nordisk，NVO -6.05%）再次遭遇打击。自周二下调业绩指引以来，该公司遭遇投资者抛售，股价下跌近 6%，而另一位分析师对其前景发表了悲观看法。与此同时，<strong>标准普尔 500 指数</strong>（S&amp;P 500）仅小幅下跌。</p>
</div><h2>A downgrade to hold</h2>
<div class="lb-trans"><h2>被下调至持有评级</h2>
</div><p>That pundit was <strong>HSBC</strong>'s Rajesh Kumar, who downgraded his recommendation on Novo Nordisk that morning.</p>
<div class="lb-trans"><p>这位分析师是 <strong>汇丰银行</strong>（HSBC）的拉杰什·库马尔（Rajesh Kumar），他在当天早上下调了对诺和诺德的评级。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2NTcvcGVyc29uLWNoZWNraW5nLW1lZGljaW5lLW9uLWEtc2hlbGYtaW4tYS1waGFybWFjeS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827657%2Fperson-checking-medicine-on-a-shelf-in-a-pharmacy.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Kumar now believes the stock is only worthy of a hold recommendation, down from his previous assessment of buy. He also significantly lowered his price target, chopping it to 360 Danish krone ($55.49) per share from the preceding 680 krone ($104.81).</p>
<div class="lb-trans"><p>库马尔现在认为该股票仅值得持有评级，低于他之前的买入评级。他还大幅下调了目标价，从之前的 680 丹麦克朗（$104.81）削减至 360 丹麦克朗（$55.49）每股。</p>
</div><p>According to reports, Kumar particularly expressed concern about compounded weight-loss drugs, a form of competition that has affected Novo Nordisk's otherwise lively Ozempic and Wegovy sales. The analyst wrote that although the U.S. Food and Drug Administration (FDA) has banned compounding, rivals continue to sell such drugs illegally.</p>
<div class="lb-trans"><p>据报道，库马尔特别对复合减肥药表示担忧，这种竞争形式影响了诺和诺德原本活跃的奥泽姆匹克（Ozempic）和维戈维（Wegovy）销售。分析师写道，尽管美国食品药品监督管理局（FDA）已禁止复合药物，但竞争对手仍在非法销售此类药物。</p>
</div><p>Kumar does not believe this situation will change much in the near future, so he believes current estimates for total GLP-1 drug sales might be overestimated.</p>
<div class="lb-trans"><p>库马尔认为这种情况在短期内不会有太大变化，因此他认为当前对 GLP-1 药物总销售额的估计可能被高估。</p>
</div><h2>Reasons to be cheerful</h2>
<div class="lb-trans"><h2>值得乐观的理由</h2>
</div><p>The HSBC pundit certainly raises valid concerns and questions, although the ultimate effect of the compounding ban on Novo Nordisk will depend on how effectively it's enforced; perhaps, in contrast to Kumar's view, the offending parties will be caught and punished.</p>
<div class="lb-trans"><p>汇丰的分析师确实提出了合理的担忧和问题，尽管复合药物禁令对诺和诺德的最终影响将取决于其执行的有效性；或许，与库马尔的观点相反，违规方将被抓获并受到惩罚。</p>
</div><p>I wouldn't be as down on the Danish company as the analyst. That hot competition only proves how popular Wegovy and its ilk are at the moment, and in a vast country like the U.S. that has a clear problem with obesity, that should continue to motor its fundamentals higher.</p>
<div class="lb-trans"><p>我不会像这位分析师那样对这家丹麦公司感到失望。这种激烈的竞争只证明了维戈维及其类似产品目前的受欢迎程度，而在一个像美国这样存在明显肥胖问题的广阔国家，这应该会继续推动其基本面向上发展。</p>
</div>

为什么诺和诺德公司的股票今天再次下跌