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Major techway
- The US-Listed stocks of Novo Nordisk fell by 7% in intraday trading on Thursday, when rival Elli Lily reported positive oral weight-loss drug news and BMO cut her ratings for stock of Danish drug developer.
- The BMO lowered its ratings on Novo Nordisk’s stock to “outperform” to “market performance” and dropped its price target from $ 105 to $ 64.
- The BMO said that Novo Nordisk had lost its early lead in the race for weight loss drug to Eli Lily.
Representative Elli Lily (LLY) reported positive oral weight-loss drug news and BMO on Thursday recorded a 7% intrade trading in the US-list shares of Novo Nordisk (NVO) after cutting its rating for Danish Drug Developer.
Eli Lily on Thursday released the results of step 3 tests for her oral weight -loss drug, “statistically important efficacy results and a safety profile with the injectable GLP -1 drugs.”
The BMO lowered its ratings on Novo Nordisk’s stock to “outperform” to “market performance” and dropped its price target from $ 105 to $ 64. The firm said that it believes that “Obese contestant Lily has made great progress in its commercial and clinical portfolio, leading to it beyond Novo’s early lead.”
Lily Vet-Loss Drug Update Novo Nordisk is likely to pressurize the stock
BMO analysts wrote, “Lily’s major updates from oral GLP1, Orforglipron are likely to put pressure on shares, only we believe that a soft 1q is considered,” BMO analysts wrote.
Novo Nordisk, which produces blockbuster drugs ozmpic and vegovi, has been in a neck-and-neck race to lead the weight loss drug market against Munjaro and Zapebound Maker Lily. Novo Nordisk’s stocks have lost more than half the price in the last 12 months.
Elli Lily’s shares increased by 16% in Intrade Trading to lead the S&P500 gainers. They were slightly negative for the previous year through Wednesday.
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