markets

Luke Kawa12/20/24

Eli Lilly #1 in GLP-1s after Novo disappointment

Shares of Novo Nordisk are down nearly 20% in early trading on Friday, on track for their worst one-day decline since the infamous Black Monday market crash in 1987.

The GLP-1 drug maker — best known for Ozempic — is getting crushed after saying that users of its experimental obesity shot didn’t lose as much weight as the company had expected. That’s great news for its competitors, namely Eli Lilly, whose Zepbound has not been cleanly unseated by this new Novo treatment (dubbed CagriSema). The drugmakers use different approaches to develop new weight-loss drugs, and right now it looks like Eli Lilly has the upper hand.

This disappointment means that one “overhang on Eli Lilly shares” is diminished, per JPMorgan, with a Citi analyst calling this outcome “nearly a best case-scenario” for Novo’s biggest competitor.

Novo is now negative on the year, while Eli Lilly shares have posted a more than 30% advance.

So in sum: Novo’s patients’ lack of weight loss is Novo’s loss, which is Eli Lilly’s gain.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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