Posted 3/8/2024, 2:18:00 AM
Novo Nordisk Stock Surges on Promising New Obesity Drug Data, Surpassing Tesla in Market Value
- Novo Nordisk shares jumped over 10% to a record high on Thursday after positive data on a new obesity drug
- The stock surge pushed Novo Nordisk's market cap past Tesla's, making it the 12th most valuable company
- The obesity drug amycretin showed 13.1% weight loss in a 12-week Phase 1 trial, suggesting it could outperform Novo's Wegovy
- With obesity affecting 40% of Americans, the market for weight loss drugs is massive and forecast to hit $100B by 2030
- Meanwhile, Tesla stock has plunged 28% year-to-date on declining China sales and concerns over EV demand