Novo Nordisk Stock Soars on New Weight-Loss Drug Results
Novo Nordisk scored a much-needed win on Friday, with early-stage data on a new weight-loss drug that suggested it could work better than the obesity blockbusters already on the market. Novo American depositary receipt was down 38% in the six months prior to Friday’s announcement, as the company slipped decisively into second place behind rival Eli Lilly in the battle for dominance of the GLP-1 weight-loss market. Investors had dumped Novo shares in late December when data on a highly touted experimental Novo weight-loss shot called CagriSema fell far short of the expectations the company had set.