Zealand Pharma A/S shares climbed over 7% on Thursday, the session before the Danish biotechnology company is slated to present obesity-related data at the American Diabetes Association (ADA) 2026 Scientific Sessions in New Orleans.
Analyst coverage heading into the conference showed a split in sentiment. Jefferies reaffirmed a "buy" rating on the stock with a DKK505 price target. By contrast, Deutsche Bank maintained a "hold" recommendation and adjusted its price target upward by 9%, to DKK300 from DKK275.
The ADA meeting runs June 5-8 at the Ernest N. Morial Convention Center in New Orleans. Zealand’s scheduled presentations concentrate on petrelintide, an amylin analog developed in collaboration with Roche. Phase 2 results from the ZUPREME-1 trial have been selected for inclusion in the ADA Official Press Program.
Jefferies hosted a fireside chat featuring Zealand’s Chief Financial Officer Henriette Wennicke and Chief Scientific Officer Utpal Singh. According to Jefferies, management’s public messaging during that session remained consistent with prior communications.
Jefferies characterized Boehringer Ingelheim’s connected GLP-1/GIP candidate, survodutide, as an overlooked asset in the industry, calling it a "hidden gem." The note highlighted survodutide’s potential for delivering direct liver benefits. Jefferies also relayed management’s view that Boehringer could file for approval by the end of 2026, with initial launches and the start of a royalty stream to Zealand as early as 2027.
On petrelintide, Jefferies reported management’s observation that most obesity prescriptions currently originate from patient initiation. Management believes petrelintide’s combination of weight-loss efficacy and tolerability aligns with this consumer-driven prescription pattern.
Zealand’s management acknowledged that pricing erosion in the obesity market has outpaced many expectations, but they said the company had anticipated price declines. In that context, management emphasized that future market dynamics will turn more on volume growth than price levels.
Jefferies outlined the company’s amylin and GLP-1 combination program as focusing on three different dosing ratios, each designed around the same tolerability-first philosophy used for the amylin monotherapy. The note also flagged that Roche is expected to provide further detail on the Phase 2 combination trial at the ADA meeting.
Regarding earlier-stage work, management told Jefferies it hopes to have "many more tools in its toolbox by the end of the year," and that active conversations are underway with potential partners in small molecules and antibody-drug conjugates.
The company also expressed confidence in its early-stage Kv1.3 ion channel blocker, even though public data are limited. Management indicated it has obtained additional insights from an initial Phase 1 study that have not yet been disclosed externally.
Jefferies reported Zealand’s market capitalization at DKK20.5 billion, equivalent to about $3.2 billion, and cited a 52-week trading range between DKK233.50 and DKK556.00.
Deutsche Bank analyst Emmanuel Papadakis explained that the bank’s hold rating and the revised DKK300 target - a figure the bank said represents roughly a 30% discount to its base-case net present value - reflect what it described as difficult recent pipeline developments and lengthy timelines to commercialisation. The broker updated its estimates in the wake of Zealand’s first-quarter results and a positive pivotal survodutide headline readout.
Chief Medical Officer David Kendall called the ADA Scientific Sessions "one of the most significant global scientific platforms highlighting innovation in metabolic health," and said the company looks forward to sharing additional obesity pipeline data with the scientific community in New Orleans.
Beyond petrelintide, Zealand’s broader pipeline mentioned by management includes survodutide, which is in Phase 3 in partnership with Boehringer Ingelheim; dapiglutide; ZP6590; and glepaglutide for short bowel syndrome, which has completed Phase 3.
Context for investors and market participants
Investor interest in Zealand ahead of ADA reflects both upcoming clinical data and differing analyst interpretations of the company’s near-term commercial prospects. Jefferies’ positive stance centers on potential commercial timing for partner programs and product attributes aligned with current prescribing behavior. Deutsche Bank’s more cautious view focuses on pipeline execution risks and extended timelines before potential revenue recognition.
As Zealand presents its Phase 2 petrelintide data and additional trial details at the ADA meeting, market participants will be watching for clarity on tolerability, efficacy, dosing strategies for combination regimens, and any new information regarding partner filing timelines that could affect commercial launch expectations and royalty streams.