Goldman Sachs doubles down on Novo stock target after key event

Goldman Sachs doubles down on Novo stock target after key event Peace Longe Sun, June 14, 2026 at 10:33 PM GMT+7 4 min read GS NVO Novo Nordisk (NVO) has spent 2026 trying to convince investors that the worst is behind it. After a punishing year, the stock is finally clawing back from its lows. So, when Goldman Sachs sat down with management at a major healthcare conference this month, investors wondered if the bank would turn more positive about Novo’s stock. Goldman left its rating and target right where they were, indicating where the GLP-1 race stands today. Goldman Sachs reaffirmed its Neutral rating and $47 price target on Novo Nordisk stock after meeting management at the 47th Annual Global Healthcare Conference on June 9. The bank had lifted that target to $47 from $41 on June 3, so the conference note effectively cemented its stance, according to TipRanks data. Banking giant massively resets Jazz Pharma stock price target Eli Lilly scores a first in major pharma milestone Eli Lilly makes surprising retreat from major market The $47 figure sits about 7% above where the shares are trading at the time of writing, closing June 12 at 287.25 Danish kroner, up 1.66% on the day and about 2.9% over five sessions. To see why a $47 target counts as progress, you have to remember how brutal the drop was. Novo shares hit a 52-week low near $37 earlier this year, down from a high above $90, after its next-generation obesity drug CagriSema missed a key trial goal in February, TIKR reported. The company then guided to a full-year sales decline and announced a restructuring that cut roughly 9,000 jobs. It also kept losing ground to Eli Lilly, which held about 60% of the combined U.S. obesity and diabetes GLP-1 market in the first quarter against Novo’s 39%. The most useful detail from the conference was about the market demand for the Wegovy pill. Goldman said most users are people who have never taken a GLP-1 drug before, which means the pill is growing the market, not just relying on existing patients alone. Related: Wall Street sees huge upside as Novo Nordisk backs biotech company Novo also has Wegovy HD, a higher-strength 7.2 mg injection cleared by the FDA in March that can drive weight loss of about 21%, as disclosed in the company’s SEC filing. That gives doctors a stronger dosing option and a reason to keep prescribing Wegovy. On diabetes, Novo is leaning on the trusted Ozempic name as it rolls out an Ozempic pill in the U.S., with approval for a higher dose expected later this year. The Centers for Medicare & Medicaid Services launched a GLP-1 Bridge program that opens coverage to qualified Part D members from July 1. Novo believes about 20 million Medicare patients could qualify for obesity treatment over time. Novo expects a steady ramp, not a sudden surge, due to appointment backlogs and the hurdles insurers and pharmacy benefit managers impose to control which drugs are filled. For investors, that means Medicare is a slow tailwind, not an instant revenue jump. Goldman’s cautious stance comes down to execution. The pieces are in place, but the bank wants proof before it gets more bullish. Whether Wegovy pill demand holds up as Novo launches in more countries by year end. How fast the Ozempic pill gains traction, plus that higher-dose approval. Whether Medicare sales build slowly, as Novo expects, or ramp up faster. Lilly’s pressure from its Foundayo pill and an early direct-to-consumer ad push. Lilly continues to win payer coverage and share, and Bank of America remains bullish after a strong quarter. Goldman’s message is that the recovery looks real but still has to be earned. The Street remains split, with the average analyst target sitting near $47, according to Stock Analysis, close to where Goldman landed. For now, the stock is regaining some ground, and a Neutral rating with modest implied gains is a fair reflection of that. If you’re thinking of investing, you can watch for clear evidence that the Wegovy pill, Ozempic, and Medicare can deliver before paying up for Novo Nordisk again. Related: 245-year-old pharma giant cuts 4,500 jobs amid legal troubles This story was originally published by TheStreet on Jun 14, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

Goldman Sachs doubles down on Novo stock target after key event

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