Why Novo Nordisk Stock Sank by Nearly 4% Today
Novo Nordisk (NYSE: NVO) stock had a Monday to forget, as news from a top rival dampened sentiment on the Danish pharmaceutical company. A price target cut from an analyst tracking the company only exacerbated the situation. By market close that day, Novo Nordisk's shares were down by 3.5%, in contrast to the generally buoyant S&P 500 (SNPINDEX: ^GSPC), which edged almost 1% higher.That rival is none other than giant U.S. pharmaceutical company Eli Lilly. It announced that it will make the highest dosages of its Zepbound weight-loss drug available to any adult with a qualifying prescription via its website beginning in August. Image source: Getty Images.Continue reading
Novo Nordisk (NYSE: NVO) stock had a Monday to forget, as news from a top rival dampened sentiment on the Danish pharmaceutical company. A price target cut from an analyst tracking the company only exacerbated the situation. By market close that day, Novo Nordisk's shares were down by 3.5%, in contrast to the generally buoyant S&P 500 (SNPINDEX: ^GSPC), which edged almost 1% higher.
That rival is none other than giant U.S. pharmaceutical company Eli Lilly. It announced that it will make the highest dosages of its Zepbound weight-loss drug available to any adult with a qualifying prescription via its website beginning in August.
Image source: Getty Images.
