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Argus had upgraded Catalent (NYSE:CTLT) to buy, citing the company’s transition from COVID products to commercializing biologics and gene therapies.
The research group noted that Catalent is partnered with Novo Nordisk (NVO) for the production of Wegovy, with other GLP-1 medications “in the development queue.” It added that Catalent is improving operations at its plants “that will lead to margin gains in fiscal 2024 and beyond.”
Argus set its price target for Catalent at $62.
In late August, Novo Nordisk CEO Lars Fruergaard Jorgensen said he was confident that Catalent would resolve certain issues impacting Wegovy production.
Last week, Catalent said it was delaying filing its 10-Q .
Image and article originally from seekingalpha.com. Read the original article here.