Novo Nordisk's stock is experiencing a significant decline following the release of disappointing trial results for its weight-loss drug, Cagrisema. The trial results revealed that the drug achieved lower-than-expected weight loss, which has led to a sharp drop in investor confidence. This development has not only impacted Novo Nordisk but has also benefited its rival, Eli Lilly, whose shares have risen in response to the news.
The market reaction to the trial results has been swift and severe, with Novo Nordisk's shares plummeting 22.35% pre-market to $80.32 as of 6:01 am on December 20, 2024, down from a previous close of $103.44.