Why Novo Nordisk Stock Is Falling Today
Shares of Novo Nordisk (NYSE: NVO) are tumbling on Monday. The company's stock lost 8.9% as of 10:10 a.m. ET and was down as much as 9.2% earlier in the day. The drop comes as the S 500 (SNPINDEX: ^GSPC) lost 1.7%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 2.8%.
Novo Nordisk announced that its next-generation weight-loss drug CagriSema helped obese or overweight adult patients with type 2 diabetes lose 15.7% of their weight in a recent trial. That figure is well short of the 25% weight loss the company had expected.
The setback comes at a crucial time for Novo Nordisk, which had positioned CagriSema as its next-generation weight-loss treatment. The current generation, made up of blockbuster drugs like Wegovy and Ozempic, have been cash cows for Novo.
Source Fool.com
