<p>週四，飽受壓力的 <strong>諾和諾德公司</strong>（Novo Nordisk，NVO -6.05%）再次遭遇打擊。自週二下調業績指引以來，該公司遭遇投資者拋售，股價下跌近 6%，而另一位分析師對其前景發表了悲觀看法。與此同時，<strong>標準普爾 500 指數</strong>（S&amp;P 500）僅小幅下跌。</p>
<h2>被下調至持有評級</h2>
<p>這位分析師是 <strong>滙豐銀行</strong>（HSBC）的拉傑什·庫馬爾（Rajesh Kumar），他在當天早上下調了對諾和諾德的評級。</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>圖片來源：Getty Images。</p>
<p>庫馬爾現在認為該股票僅值得持有評級，低於他之前的買入評級。他還大幅下調了目標價，從之前的 680 丹麥克朗（$104.81）削減至 360 丹麥克朗（$55.49）每股。</p>
<p>據報道，庫馬爾特別對複合減肥藥表示擔憂，這種競爭形式影響了諾和諾德原本活躍的奧澤姆匹克（Ozempic）和維戈維（Wegovy）銷售。分析師寫道，儘管美國食品藥品監督管理局（FDA）已禁止複合藥物，但競爭對手仍在非法銷售此類藥物。</p>
<p>庫馬爾認為這種情況在短期內不會有太大變化，因此他認為當前對 GLP-1 藥物總銷售額的估計可能被高估。</p>
<h2>值得樂觀的理由</h2>
<p>滙豐的分析師確實提出了合理的擔憂和問題，儘管複合藥物禁令對諾和諾德的最終影響將取決於其執行的有效性；或許，與庫馬爾的觀點相反，違規方將被抓獲並受到懲罰。</p>
<p>我不會像這位分析師那樣對這家丹麥公司感到失望。這種激烈的競爭只證明了維戈維及其類似產品目前的受歡迎程度，而在一個像美國這樣存在明顯肥胖問題的廣闊國家，這應該會繼續推動其基本面向上發展。</p>

諾和諾德公司

<p>諾和諾德公司的股票在滙豐銀行分析師 Rajesh Kumar 將其評級從買入下調至持有後，跌幅近 6%，並將目標價從 680 克朗下調至 360 克朗。Kumar 對複合減肥藥的競爭表示擔憂，儘管 FDA 已禁止其銷售，但這些藥物仍在非法銷售。他認為目前對 GLP-1 藥物銷售的預估可能被高估。然而，一些分析師認為，Wegovy 和 Ozempic 的受歡迎程度仍可能推動增長，這取決於對複合禁令的執行情況</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>週四，飽受壓力的 <strong>諾和諾德公司</strong>（Novo Nordisk，NVO -6.05%）再次遭遇打擊。自週二下調業績指引以來，該公司遭遇投資者拋售，股價下跌近 6%，而另一位分析師對其前景發表了悲觀看法。與此同時，<strong>標準普爾 500 指數</strong>（S&amp;P 500）僅小幅下跌。</p>
</div><h2>A downgrade to hold</h2>
<div class="lb-trans"><h2>被下調至持有評級</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>這位分析師是 <strong>滙豐銀行</strong>（HSBC）的拉傑什·庫馬爾（Rajesh Kumar），他在當天早上下調了對諾和諾德的評級。</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>圖片來源：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>庫馬爾現在認為該股票僅值得持有評級，低於他之前的買入評級。他還大幅下調了目標價，從之前的 680 丹麥克朗（$104.81）削減至 360 丹麥克朗（$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>據報道，庫馬爾特別對複合減肥藥表示擔憂，這種競爭形式影響了諾和諾德原本活躍的奧澤姆匹克（Ozempic）和維戈維（Wegovy）銷售。分析師寫道，儘管美國食品藥品監督管理局（FDA）已禁止複合藥物，但競爭對手仍在非法銷售此類藥物。</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>庫馬爾認為這種情況在短期內不會有太大變化，因此他認為當前對 GLP-1 藥物總銷售額的估計可能被高估。</p>
</div><h2>Reasons to be cheerful</h2>
<div class="lb-trans"><h2>值得樂觀的理由</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>滙豐的分析師確實提出了合理的擔憂和問題，儘管複合藥物禁令對諾和諾德的最終影響將取決於其執行的有效性；或許，與庫馬爾的觀點相反，違規方將被抓獲並受到懲罰。</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>我不會像這位分析師那樣對這家丹麥公司感到失望。這種激烈的競爭只證明了維戈維及其類似產品目前的受歡迎程度，而在一個像美國這樣存在明顯肥胖問題的廣闊國家，這應該會繼續推動其基本面向上發展。</p>
</div>

為什麼諾和諾德公司的股票今天再次下跌