Mar 8, 2024 - Economy
Charted: Ozempic-maker Novo Nordisk surges on new obesity drug trial results
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Novo Nordisk shares, already soaring on the popularity of Ozempic and Wegovy, notched a record high Thursday after reporting positive early results for another weight-loss drug candidate.
The big picture: The drug giant's stock has increased more than 88% in price over the past year, and closed trading Thursday as the 12th largest company in the world by market value, surpassing Tesla.
Between the lines: Novo executives told investors Thursday that patients exhibited 13.1% weight loss after 12 weeks of taking its new treatment, amycretin, in Phase 1 clinical trials.
- "Amycretin appeared to have a safe and well-tolerated profile," the company said.
- Those results compare favorably to Wegovy, the company's existing blockbuster obesity drug, Reuters reports.
What's next: Amycretin is expected to enter a Phase 2 trial in the second half of this year, per the WSJ.
