Why Novo Nordisk Stock Keeps Going Down
Novo Nordisk (NYSE: NVO) stock is in a funk. Shares of the GLP-1 diet drug manufacturer have been sliding all week long, beginning with a 3% decline on Monday from last Friday's close, and falling another 2.6% through 10:10 a.m. ET on Thursday.
And why? Monday's decline probably owes to rival GLP-1 company Hims & Hers Health running a high-publicity ad during the Super Bowl Sunday night, hawking its wares -- compounded medicines that duplicate the effect of Novo's own Ozempic and Wegovy.
In fact, Novo Nordisk shares began falling even before the ad aired, as investors worried over what effect it might have on Novo's sales. In total, Novo's share price has fallen for five straight days, and is now down a combined 8.5%.
Source Fool.com
