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Cryptocurrency News Articles
Novo Nordisk (NVO) Loses Over 20% of Its Value After Disappointing Phase 3 Weight Loss Therapy Results
Dec 23, 2024 at 10:55 pm
Last week, Novo Nordisk (NVO) lost more than one-fifth of its value. Biotechnology investors overreacted to Eli Lilly’s (LLY) clinical data results.
Novo Nordisk (NVO) shares dropped sharply last week after the biotechnology company reported Phase 3 results of its next-generation weight loss therapy.
Investors were left disappointed by the readout, which showed that CagriSemi met the primary endpoint but achieved a weight loss of only up to around 20% in subjects over 68 weeks. This is slightly below that offered by Eli Lilly's (LLY) drug, where patients may lose around 23%.
Analysts had expected CagriSemi to achieve a weight loss of nearly 25%.
Now, investors are speculating that Eli Lilly and Viking Therapeutics (VKTX) will benefit from Novo's clinical readout.
In the retail sector, Nike (NKE) shares closed at around $77.00 after the company posted second-quarter results.
The firm highlighted the need for shareholder patience as it develops its turnaround plan.
CEO Elliot Hill noted that the company will prioritize the digital channel. More importantly, it will focus on the sports market while drawing down its excess inventory.
Bitcoin (BTC-USD) fell sharply from the $105,000 - $108,000 highs seen last week and traded at around $97,290 in response to the Fed signaling fewer interest rate cuts in 2025.
Higher interest rate levels increase the attractiveness of the U.S. dollar, which decreases demand for gold and bitcoin.
However, once the government averts a shutdown, we could see bitcoin bouncing back and finding new record highs.
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