Novo Nordisk (NVO) Up on Positive Kidney Outcomes Study Update
Novo Nordisk A/S NVO announced its decision to stop the kidney outcomes study, FLOW, on its diabetes once-weekly injection, Ozempic (semaglutide), which is based on the positive recommendation of an independent data monitoring committee (DMC).
The results from an interim analysis of the FLOW study data met certain pre-specified criteria for stopping the study early for efficacy. The DMC thus recommended that the study should be stopped at interim analysis.
The company’s FLOW study is evaluating the efficacy of Ozempic for the prevention of the progression of renal impairment in people with type II diabetes and chronic kidney disease (CKD) compared with placebo.
In response to the encouraging news, the company’s stock climbed 5.2% in after-market hours on Tuesday. Year to date, shares of Novo Nordisk have shot up 37.4% compared with the industry’s 5.7% rise.
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Novo Nordisk is currently gearing up to initiate the process of closing the FLOW study, based on the decision to stop the study at interim analysis. The company reported remaining unaware of the study results until its completion to preserve the integrity of the study.
Data readout from the FLOW study is expected during the first half of 2024.
The global FLOW study’s key objective is to demonstrate Ozempic’s ability to delay the progression of CKD and lower the risk of kidney and cardiovascular mortality by achieving the study’s pre-determined composite primary endpoint. The FLOW study also has certain pre-determined key secondary endpoints.
Once-weekly subcutaneous Ozempic is currently approved in the United States in 0.5 mg, 1.0 mg and 2.0 mg doses for the treatment of type II diabetes mellitus in adults, adjunct to diet and exercise. Ozempic is approved for improving glycaemic control in adults with type II diabetes mellitus while also for reducing the risk of major adverse cardiovascular events in adults with type II diabetes mellitus and established cardiovascular disease.
Novo Nordisk A/S Price and Consensus
Novo Nordisk A/S price-consensus-chart | Novo Nordisk A/S Quote
Zacks Rank and Stocks to Consider
Novo Nordisk currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the overall medical sector are Dynavax Technologies DVAX, Corcept Therapeutics CORT and Annovis Bio ANVS. While DVAX currently sports a Zacks Rank #1 (Strong Buy), CORT and ANVS each carry a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, the Zacks Consensus Estimate for Dynavax’s 2023 loss per share has narrowed from 24 cents to 23 cents. The estimate for Dynavax’s 2024 earnings per share Is currently pegged at 3 cents. Year to date, shares of DVAX have gained 38%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Corcept’s 2023 earnings per share has remained constant at 78 cents. During the same period, the estimate for Corcept’s 2024 earnings per share has also remained constant at 83 cents. Year to date, shares of CORT have gained 34.8%.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
In the past 30 days, the Zacks Consensus Estimate for Annovis’ 2023 loss per share has remained constant at $4.38. During the same period, the estimate for Annovis’ 2024 loss per share has also remained constant at $2.77. Year to date, shares of ANVS have lost 40.1%.
ANVS’ earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 13.40%.
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