ALT - Watch weight loss stocks after cardiovascular data for Wegovy
2023-08-08 10:47:02 ET
Drugmakers with weight loss candidates in their pipelines are trading higher on Tuesday after the Danish drugmaker Novo Nordisk ( NVO ) said its obesity therapy Wegovy cut major cardiovascular events such as heart attack and stroke by 20% in a large late-stage trial.
Wegovy, also known as semaglutide, is a GLP-1 receptor agonist indicated for chronic weight management in adults alongside other non-therapeutic interventions such as a low-calorie diet and increased physical activity.
The readout was seen as a key step for drugmakers to push managed care organizations to cover obesity drugs. While Novo ( NVO ) shares in Denmark added ~17% in reaction to the results, its rivals across the Atlantic were no different.
Eli Lilly ( LLY ), which is advancing its diabetes therapy Mounjaro for weight loss approval potentially this year, climbed ~17%. Just after Novo ( NVO ) released results for Wegovy, the U.S. drugmaker exceeded expectations with its Q2 2023 results, partly due to strong sales for Mounjaro, a dual GIP and GLP-1 receptor agonist, also known as tirzepatide.
Viking Therapeutics ( VKTX ), which expects to advance its dual GIP and GLP-1 receptor agonist VK2735 in a Phase 2 trial for obesity this year, added ~7%. Other developers with dual GIP and GLP-1 receptor agonists, including Amgen ( AMGN ) and Altimmune ( ALT ), are also notable gainers.
Pfizer ( PFE ) recently prioritized studies for its oral GLP-1 receptor agonist, danuglipron, targeting adults with obesity and Type 2 diabetes and discontinued trials for a similar candidate called lotiglipron.
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Watch weight loss stocks after cardiovascular data for Wegovy