Market Reacts to Eli Lilly's Promising Weight Loss Drug Trial

In a surprising turn of events, Novo Nordisk shares experienced a significant 8% drop this Tuesday. This downturn came shortly after its competitor, Eli Lilly and Co., announced encouraging results from a late-stage trial of its innovative oral weight loss drug, orforglipron.

Impact on Healthcare Stocks

The announcement not only affected Novo Nordisk but also sent ripples through the healthcare sector, leading to a noticeable decline in other healthcare stocks following the European market opening.

At 11:09 am CET, Novo Nordisk's shares were down by 7.43%, trading at 389.30 Danish Krone. Meanwhile, Eli Lilly saw a modest premarket gain of 0.62% in New York, with shares priced at $823.12.