BUZZ-'Easy gains made': Berenberg cuts Wegovy-maker Novo Nordisk to 'hold'

** Berenberg downgrades Novo Nordisk NOVOB.CO to "hold" from "buy", saying new hurdles await the Wegovy-maker in the second half of the year as obesity pill competition gains steam

** "Easy gains made," time for a pause, the broker says

** Berenberg expects the "Battle of the Pills" to step up a gear as competition with rival Eli Lilly LLY.N intensifies

** The Danish drugmaker needs to show it can retain its obesity pill lead and grow its injectable market position before the valuation multiple can be expanded, it adds

** It views seasonality as a major factor for obesity pills and trims its sales forecasts due to investor scepticism regarding Novo Nordisk's CagriSema drug

** The broker cuts its PT by 6.2% to DKK 305, noting the company requires business development through smaller deals to diversify its future oral pipeline options

** Out of 33 analysts that cover Novo Nordisk, nine rate it "strong buy" or "buy", 22 "hold" and two "sell" or "strong sell", according to LSEG data

** The stock is down 3.2% at 1206 GMT