Novo Nordisk Sinks on Disappointing Weight Loss Drug Trial

1 hr 19 min ago

Novo Nordisk (NVO) shares plunged Friday after the company released trial results for its next generation of weight loss drug, meant to add to its current lineup of Ozempic and Wegovy.

The Danish drugmaker said that in the study of just over 3,400 patients, its new injectable weight loss drug CagriSema met its primary goal, with an average weight loss of 22.7% of a patient's body weight. That compared to 11.8% and 16.1% of body weight lost by the patients who took doses of just one of the two drugs that make up CagriSema, cagrilintide and semaglutide — the latter of which is the active ingredient in Ozempic and Wegovy.

The 22.7% average mark fell short of Novo Nordisk's goal reported last month by Bloomberg of 25% weight loss. Novo Nordisk said about 40% of people taking CagriSema reached the 25% mark.

Novo Nordisk’s U.S.-traded shares were down 21% in recent trading. The had already been trending lower since September, when sales slowed slightly and concerns started to grow about the increasing competition in the weight loss drug market.

–Aaron McDade

FedEx Levels to Watch as Stock Rises on Freight Spinoff Plan

2 hr 35 min ago

FedEx (FDX) shares rose in early trading Friday after the shipping giant announced plans to spin off its freight business as a separate public company, overshadowing a lowered full year outlook.

The stock has oscillated in an orderly ascending channel since July last year, with the price recently finding buying interest around key moving averages.

Investors should watch key overhead areas on FedEx's chart around $305 and $370, while also monitoring important support levels near $278 and $255.

FedEx shares were up 2% at around $282 in recent trading.

Read the full technical analysis piece here.

–Timothy Smith

Stock Index Futures Point to Lower Open

4 hr 15 min ago

Futures tied to the Dow Jones Industrial Average were down 0.5%.

S&P 500 futures were off 0.9%.

Nasdaq 100 futures fell 1.4%.

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