Novo Nordisk's CagriSema Trial Results Fall Short of Expectations

Novo Nordisk experienced an 18% drop in its stock price on Friday, largely attributed to the company's announcement of underwhelming results from a phase three trial for its weight loss drug, CagriSema.

The drug, which combines semaglutide with the amylin analog Cagrilintide, was designed to treat obesity and type two diabetes in adults. The trial involved 3,147 participants with obesity, who were able to adjust their dosing during the 68-week study. Despite this flexibility, the participants achieved a weight loss of 22.7%, which missed the company's previously stated goal of 25%.

This news led to an 18.42% decline in Novo Nordisk's shares during premarket trading, with the stock selling at $103.44 at 7:35 am ET.