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Novo Nordisk stock down as Ozempic trial data misses analyst estimates

Published 05/03/2024, 12:46
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Shares of Novo Nordisk (NYSE:NVO) fell 1.6% in premarket trading Tuesday after the drugmaker released kidney disease trial results that didn't meet investor expectations, Morgan Stanley analysts point out.

A large late-phase trial revealed that Novo Nordisk’s treatment, Ozempic, can reduce the risk of major cardiac arrest and death by 24%, missing the expected benefit of at least 30%, analysts said in a note.

Meanwhile, Jefferies analysts said the detailed data from the trial is “encouraging,” though “perhaps shy of bullish expectations.”

It's reported that approximately 40% of individuals with type 2 diabetes suffer from chronic kidney disease, affecting around 700 million patients worldwide.

Still, the findings from the trial called FLOW serve as further evidence that GLP-1 class medications offer therapeutic advantages for ailments other than their original targets of type 2 diabetes and weight management.

The study, which commenced in 2019, included about 3,500 participants with type 2 diabetes and chronic kidney disease ranging from moderate to severe. These patients received a weekly dose of 1 milligram (mg) of semaglutide alongside their regular treatment.

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