The drugmaker released its second-quarter earnings report early Wednesday as it vowed to cut costs amid intensifying competition and a cratering stock price.

Weston's downgrade still values Novo Nordisk stock above its current share price of $47 and change, however. Moreover, Novo Nordisk stock currently costs less than 14 times earnings.

Wegovy-maker Novo Nordisk said on Wednesday it will sharpen its commercial focus and reduce costs, after a major profit warning and new CEO announcement last week wiped some $95 billion of value from the company's stock.