Novo Nordisk (NYSE:NVO), which develops and markets diabetes and obesity treatments, closed Wednesday at $38.16, down 1.11%. The stock slipped as investors weighed a large Vivtex partnership while watching how competition and margins shape Novo’s obesity and diabetes franchise. Trading volume reached 54.7 million shares, about 141% above its three-month average of 22.7 million shares. Novo Nordisk IPO’d in 1981 and has grown 23,750% since going public.
The S&P 500 added 0.82% to finish Wednesday at 6,947, while the Nasdaq Composite gained 1.26% to close at 23,152. Within pharmaceuticals, industry peers showed mixed action as Eli Lilly closed at $1,028.83, down 1.28%, while Novartis ended at $166.85, off 0.16%.
It has been a rough week for Novo Nordisk as its shares have dropped 20% over the last five business days. On Monday, the stock declined roughly 15% after its next-gen obesity medicine CagriSema reported less weight loss than Eli Lilly’s new drug in a similar Phase 3 trial, tempering sales expectations. Then on Tuesday, Novo Nordisk announced it would cut prices for Wegovy and Ozempic by 35% to 50% in the U.S. on Jan. 1, 2027.
These two news items prompted JPMorgan and Kepler Capital Markets to downgrade NVO stock. Today, the company signed a $2.1 billion partnership with Vivtex to develop higher-bioavailability biologics, which could help it fight back against Eli Lilly. I like the deal, and at 11 times earnings, Novo is an intriguing value stock to consider.
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