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Why Novo Nordisk Stock Is Falling Today

Why Novo Nordisk Stock Is Falling Today

Shares of the Danish pharma giant Novo Nordisk (NYSE: NVO) were down by 3.4% on elevated volume as of 1:14 p.m. ET Tuesday afternoon. The drugmaker's shares are falling in response to the strong mid-stage data for Pfizer's orally administered diabetes and weight loss drug, danuglipron, which were published yesterday in JAMA Network medical journal. Novo's shares have more than doubled in value over the prior two years, thanks to the breakout success of its type 2 diabetes and weight loss drug semaglutide.