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Why Novo Nordisk Stock Plummeted Today

TheMotleyFool

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Shares of Novo Nordisk (NYSE: NVO) fell on Wednesday, down 7.2% as of market close. The drop comes as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell modestly.

The pharmaceutical giant's stock continues to fall after a disappointing earnings release yesterday that included a guidance cut. The news led to downgrades from at least two prominent analysts.

Novo's two GLP-1 drugs, Wegovy and Ozempic, have been blockbusters for the company. The success of its weight loss drugs propelled Novo to become the most valuable company in Europe before competition from "compounders" -- companies that market their own tailor-made versions using its active ingredients -- impacted sales, and its stock declined.

Source Fool.com

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