Novo Nordisk (NYSE: NVO) saw its shares drop by 3.5% on Monday, contrasting with a nearly 1% gain in the S&P 500, following a price target cut by J.P. Morgan’s Richard Vosser from 1,000 kroner ($155) to 650 kroner ($101). This comes as U.S. rival Eli Lilly announced that it will offer the highest dosages of its weight-loss drug Zepbound to qualifying adults via its website starting in August, positioning it as a direct competitor to Novo Nordisk’s Wegovy.
With Zepbound already available in lower doses, the addition of higher dosages may allow Eli Lilly to capture more market share from Novo Nordisk. Despite the negative news, investors showed some resilience, leading to only minor sell-off activity in Novo Nordisk’s stock.
