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Novo Nordisk (NYSE: NVO), the manufacturer of Wegovy and Ozempic, experienced a slight stock increase of over 1% on Monday following media reports about activist hedge fund Parvus Asset Management accumulating shares. This uptick is noteworthy as it outperformed the generally flat S&P 500 index.
The Financial Times reported on Monday that Parvus is aiming to influence Novo Nordisk’s leadership, particularly in the wake of CEO Lars Fruergaard Jørgensen’s recent resignation. While the size of Parvus’s stake is undisclosed, Danish law allows for non-disclosure if it is below 5% of a company’s equity. Novo Nordisk, headquartered in Denmark, has faced setbacks in drug development and intensified competition in the weight-loss sector.
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