Why Novo Nordisk Stock Is Jumping Today (Hint: It's Not Because of Ozempic or Wegovy)
Shares of Novo Nordisk (NYSE: NVO) were jumping 9.6% higher as of 11:25 a.m. ET on Thursday. The big biopharmaceutical company is accustomed to enjoying major catalysts from news related to its type 2 diabetes drug Ozempic and weight-loss drug Wegovy. In this case, though, another product took center stage.
Novo Nordisk hosted its Capital Markets Day on Thursday to update investors about its progress. During this event, the company reported results from a phase 1 study evaluating the experimental obesity drug amycretin. Novo Nordisk revealed that participants receiving the drug achieved an average weight loss of 13.1% after 12 weeks, according to a report by Reuters.
It's not surprising that the big pharma stock moved higher today. Investors recognized that the results for amycretin were better than the 6% weight loss achieved after 12 weeks in a clinical trial for Wegovy. There's reason for optimism that amycretin could be an even bigger commercial success down the road than Wegovy, which is already raking in huge sales for Novo Nordisk.
Source Fool.com
