Novo Nordisk A/S (NYSE:NVO) stock fell on Monday after the company released topline results from the 2-year primary analysis of evoke and evoke+ phase 3 trials in early-stage symptomatic Alzheimer’s disease.

The trials did not confirm the superiority of semaglutide versus placebo in the reduction of progression of Alzheimer’s disease, as measured by the change in Clinical Dementia Rating – Sum of Boxes (CDR-SB) score compared to baseline.

The decision to pursue an Alzheimer’s disease indication with semaglutide was based on real-world evidence studies, preclinical models, as well as post-hoc analyses from diabetes and obesity trials.

Also Read: Novo Nordisk Signals 2026 Push After Amycretin Posts Major Phase 2 Gains In Type 2 Diabetes Patients

Analyst Reaction

Goldman Sachs noted that expectations heading into the readout were muted and that the Alzheimer’s trial miss is disappointing but not significantly impactful.

“Our expectations into the trial were low, as we forecast 5% probability of c.$4bn in peak sales for semaglutide in Alzheimer’s disease,” the bank wrote on Monday.

Analyst James Quigly added that some investors feared broader downside risk tied to Novo Nordisk’s medium-term growth trajectory. “Investor feedback following our original note suggested that there could be additional downside risk, beyond just removing Alzheimer’s, particularly given concerns over the 2026 growth outlook; however, we would argue that consensus has already started to move down, particularly following recent announcements/discussion of headwinds,” he wrote.

Ratings Updates

BMO Capital Markets kept a Market Perform rating on the stock but trimmed its price forecast from $50 to $46, reflecting a more conservative view post-data. HSBC also moved to the sidelines, downgrading Novo Nordisk from Buy to Hold on Monday.

Price Action: NVO stock was trading higher by 4.14% to $46.83 at last check Tuesday.

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