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Novo Nordisk slumps following trial results for Eli Lilly’s weight-loss pill

Novo Nordisk, the Danish maker of Ozempic and Wegovy, fell almost 10% early on Tuesday — its first trading session since rival Eli Lilly unveiled strong trial results for its experimental weight-loss pill last week.

As the GLP-1 drug race moves toward easier-to-take oral treatments, Lilly’s new pill, taken once daily with no food or water restrictions, appears more convenient than Novos own oral GLP-1, while also delivering weight loss and blood sugar results that rival Novos wildly popular injectable, Ozempic.

Though Novo Nordisk got a brief boost last week after Pfizer scrapped a new obesity pill effort, Lillys latest entry is adding to the mounting pressure on the drugmaker. Just last month, a trial of Novos new weight-loss injectable disappointed investors — helping erase a third of its market value this year and leading it to cede its crown as Europe’s most valuable company.

As the GLP-1 drug race moves toward easier-to-take oral treatments, Lilly’s new pill, taken once daily with no food or water restrictions, appears more convenient than Novos own oral GLP-1, while also delivering weight loss and blood sugar results that rival Novos wildly popular injectable, Ozempic.

Though Novo Nordisk got a brief boost last week after Pfizer scrapped a new obesity pill effort, Lillys latest entry is adding to the mounting pressure on the drugmaker. Just last month, a trial of Novos new weight-loss injectable disappointed investors — helping erase a third of its market value this year and leading it to cede its crown as Europe’s most valuable company.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

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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