Jefferies analyst Peter Welford says the first headline from Novo Nordisk’s Phase III CagriSema obesity data “disappoint” with 20.4% absolute weight loss and patient adherence likely suggesting tolerability concerns. The firm’s buy-side survey suggested most anticipated 25%-27% absolute weight loss with fastrointestinal tolerability to be broadly similar to Wegovy. Jefferies notes its $7.75B peak CagriSema sales are well below the $20B-plus consensus. It expects the Novo shares to be down “at least” 10%-15% on the CagriSema obesity data. Jefferies keeps an Underperform rating on Novo Nordisk with an $81.50 price target. The stock in premarket trading is down 19%, or $19.84, to $83.60.