Forex
UBS Downgrades Ypsomed Amid Cagrisema Trial Disappointment
UBS downgraded Ypsomed AG to 'neutral' from 'buy', citing downside risks to mid-term consensus earnings after disappointing results for Novo Nordisk's diabetes drug Cagrisema.
The autoinjector supplier to Cagrisema, which failed to achieve non-inferiority against tirzepatide in a recent trial, saw its shares fall 6.7% on the news.
UBS cut its forecast for Ypsomed's FY29/30E GLP-1 product sales by 10% to 255 million francs and adjusted its price target to 400 Swiss francs from 425 francs.