UBS Downgrades Ypsomed Amid CagriSema Setback

By EC Assets · Published 11 September 2026

UBS has downgraded Swiss medical device maker Ypsomed. This decision follows a setback related to Novo Nordisk's next-generation obesity drug, CagriSema. The downgrade suggests a clouded growth outlook for Ypsomed. Ypsomed holds a contract with Novo Nordisk to supply injection pens. This deal specifically covers the Danish drugmaker's next-generation obesity therapy, CagriSema. Novo Nordisk's CagriSema saw its Phase 3 results released. Following this data, Novo Nordisk plunged to a 52-week low on Friday. Investors paused due to the data for the next-gen weight loss drug. UBS also upgraded Novo Nordisk to Buy from Neutral. The price target was set at DKK 750, down from DKK 1,100. A UBS analyst indicated the CagriSema selloff was overdone. Novo Nordisk is positioned to continue benefiting from high demand for GLP-1. UBS has issued warnings regarding market conditions. UBS CEO Sergio Ermotti stated that investors are complacent despite rising geopolitical and economic risks. The Swiss bank also changed its Fed forecast on September 7. UBS expects the Bank of England to keep interest rates unchanged at 3.75% at its meeting on September 17. UBS warns that U.S. equities are most exposed if rising bond yields pressure stocks, valuations in the artificial intelligence trade. UBS also doubled the size of its debt buy-back tender offer to $4 billion. This article is intended for informational purposes only. It does not constitute investment advice.