Novo Nordisk shares drop more than 4% on disappointing obesity pill data
Novo Nordisk fell more than 4% on Friday to their lowest level since Aug. 10 after the Danish drugmaker reported results from a Phase 2a trial of its experimental obesity pill monlunabant that came in below market expectations.
Shares were down 4.3% at 1330 GMT, the lowest since August 8, after the company announced headline results from its trial of monlunabant, an experimental drug it acquired as part of its $1 billion purchase of Canadian biotech company Inversago Pharmaceuticals last year.
The company said at its capital markets day in March that it expected that weight loss could reach 15%, on par with its mega-blockbuster obesity injection Wegovy.
But in the headline trial results released on Friday, the once-daily pill resulted in only 6.5% weight loss after 16 weeks.
That weight loss is «not what optimists are looking for», Nordnet analysts told Reuters. «Competition is intensifying. Investors are getting more cautious about the potential.»
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