Novo Nordisk (NOVOB.DK) is down more than 5.5% today following the release of Phase 3 clinical trial results for its new obesity drug, CagriSema. The company reported positive study outcomes, showing that patients with type 2 diabetes and obesity experienced a 15.7% reduction in body weight after 68 weeks of treatment, compared to a 3.1% weight loss in the placebo group. However, prior expectations (before the December 20 report) anticipated a 25% weight reduction.
Novo Nordisk's stock is currently trading at this year’s support level around 550 DKK, a zone defined by the consolidation phase before the strong rally in 2023, driven by positive results from its Wegovy obesity drug. Source: xStation
The company stated that the study confirmed high drug efficacy, and it plans to submit the drug for regulatory approval in Q1 2026.
Despite the positive trial results, investors reacted with a significant sell-off. Today’s drop marks the biggest one-day decline since the December 20 selloff, which occurred after the company published initial CagriSema trial results. Earlier company expectations projected a 25% weight reduction, while December’s data suggested around 20% weight loss.
Another factor that may have disappointed investors is the proportion of patients opting for the maximum drug dose, which was approximately 61%. In this trial, patients had the option to self-adjust their dosage levels.
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