Nauman Khan
1 min read
This article first appeared on GuruFocus.
Novo Nordisk (NYSE:NVO) shares climbed about 4% on Friday, touching levels last seen in October, after early U.S. prescription data for its Wegovy weight-loss pill pointed to a solid launch.
The oral version of Wegovy became available to U.S. patients earlier this month following approval from the U.S. Food and Drug Administration in December. Investors are watching initial prescription trends closely to gauge demand as Novo looks to defend its position in the fast-growing obesity drug market.
Analysts said the early data appeared supportive. Market participants see the prescription pickup as a positive signal, especially as Novo works to regain momentum after slower growth in its injectable formulations last year.
The stock move came as rival Eli Lilly (LLY) shares slid about 4% on the day, reflecting shifting sentiment within the weight-loss drug space.
Novo has been under pressure in recent quarters following profit warnings and increased competition. The company, now under a new chief executive, is counting on the pill to broaden its patient base and improve growth visibility.
