Novo Slides as Obesity Drug Competition Fears Rises
Novo Nordisk A/S shares fell as a US rival’s comments on an experimental obesity drug gave rise to concerns about potential new competition in the rapidly growing field.
Novo Nordisk stock fluctuation
Novo Stocks Slides as Obesity Drug Competition From Amagen Rises After Promising Results#novonordisk #wightloss #obesity pic.twitter.com/4qNhzxO5Ws
— The_Journalbiz (@the_journalbiz) May 3, 2024
Bloomberg chart
Amgen chief executive ‘very encouraged’ by MariTide study
Novo falls for second day after Wegovy sales underwhelmed
The stock slid as much as 5.3% after Amgen Inc.’s chief executive officer said he was “very encouraged” by early results from a study of MariTide. That followed Thursday’s 2.7% drop after Denmark’s Novo reported sales of its Wegovy weight-loss drug that missed analysts’ elevated estimates.
Optimism over soaring sales of the Wegovy and Ozempic drugs has seen Novo’s market capitalization surpass $500 billion this year, reinforcing its position as Europe’s most valuable listed company. The stock has more than quadrupled since the start of 2020.
