Deutsche Bank downgraded Novo Nordisk to sell from hold and cut its target price to 265 Danish kroner from 290 kroner. Analyst Emmanuel Papadakis said persistent concerns remain over the company’s ability to return to growth in 2027, as well as a large patent cliff further out. The bank sees limited scope for a boost from U.S. Medicare prescriptions and said ziltivekimab is effectively no longer part of the outlook after failing to reduce the risk of heart attack or stroke in a late-stage clinical trial. Novo Nordisk shares were 3.3% lower in afternoon Copenhagen trade on Thursday; an earlier report had put the decline at 1.6%, with shares at 300.10 kroner. The company is scheduled to hold an important capital markets day next month.