Novo shares rebound on positive read-across from Lilly
** Shares in Novo Nordisk NOVOb.CO rise 4% as rival Eli Lilly's LLY.N Q2 reporting, guidance hike bode well for the Danish drug maker
** A riding tide lifts all boats, says ABG Sundal Colier analyst Morten Larsen
** He points out that Lilly's weight-loss drug Zepbound grows stronglyand yet Novo managed to increase Wegovy sales, which in his view signals plenty of room in the obesity market
** Against expectations, Lilly did not manage to free itself from supply issues and flagged potential "periodic supply tightness," Larsen notes
** Novo and Lilly race to increase manufacturing amid surging demand for their respectiveweight-loss drugs, both of which faced shortages this year according to the U.S. FDA
** DNB analyst Rune Dahl added he doesn't see any price competition on the Wegovy-Zepbound front, meaning both companies have the ability to maintain their pricing without undercutting each other
** Separately, in a morning note Jyske Bank said it sees Novo's recent price drop a "prime buying opportunity," citing projected Wegovy sales growth in H2
** Jyske also highlightedan upcoming "exciting" news flow, including Phase 3 data for obesity drug CagriSema
** Including today's rise Novo has gained 22.48% YTD
Reporting by Jesus Calero
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