OMGA - Why Novo Nordisk Stock Crushed the Market Today
2024-01-04 18:08:37 ET
A standout stock in the healthcare sector last year, Novo Nordisk (NYSE: NVO) isn't doing too badly so far in the embryonic days of 2024. On Thursday -- yet another gloomy day for the market when the S&P 500 index dipped by 0.3% -- the drugmaker's share price closed nearly 4% higher. Sparking that upbeat investor interest was news of a pair of research collaboration deals.
On Thursday morning, Novo Nordisk divulged that it had inked new arrangements with two U.S. biotechs: Omega Therapeutics (NASDAQ: OMGA) and privately held Cellarity. The deals fall under a framework agreement with healthcare-focused investment firm Flagship Pioneering, which has stakes in both Omega and Cellarity.
Under the terms of the arrangements, Novo Nordisk will collaborate with Omega and Cellarity on pre-clinical drug development. If their development activities are successful, the Denmark-based company could elect to conduct clinical trials on the candidate medications that come out of the collaborations.
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Why Novo Nordisk Stock Crushed the Market Today