RHHBY - Why Roche Stock Just Popped but Eli Lilly and Novo Nordisk Dropped
2024-07-17 13:21:54 ET
Shares of Swiss pharmaceuticals company Roche Holding (OTC: RHHBY) soared 7% through 11:55 a.m. ET Wednesday on positive data from phase 1 clinical trials of its new weight loss drug CT-996.
But good news for Roche is bad news for the companies that now seem to have the weight-loss drug market to themselves. Shares of Eli Lilly (NYSE: LLY) were down 2.8% today, and Novo Nordisk (NYSE: NVO) lost 4%.
This morning, Roche announced results of its new GLP-1 drug trial showing patients losing an average of 7.3% of their body weight after four weeks of treatment, which it calls a "clinically meaningful weight loss." Even better for patients, the drug comes in the form of a pill taken once daily.
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Why Roche Stock Just Popped, but Eli Lilly and Novo Nordisk Dropped