NVO Stock On Track For Worst Week In Over 6 Months After Strategy Day — Direct US Listing Talks, Drug Approval Fail To Halt Slip

• On Wednesday, CEO Mike Doustdar told the Financial Times that Novo is open to a direct NYSE listing instead of ADRs, but that there is no active process. 
• Singapore separately approved injectable Wegovy for noncirrhotic MASH with moderate-to-advanced fibrosis.
• Investor sentiment continued to be weighed down by the company’s Capital Markets Day presentation earlier this week.

Shares of Novo Nordisk (NVO) fell again on Wednesday as investors kept looking for nearer-term answers on pricing and competition to its obesity and diabetes drugs, even after CEO Mike Doustdar said the company is open to a direct NYSE listing and Singapore approved a new liver use for Wegovy.

U.S.-listed ADRs (NVO) fell 8% on Monday following the presentation and continued its slip on Tuesday. On Wednesday, the stock fell 3%. Thus far, NVO stock is down 12% this week, on track for its worst week since late February, if losses hold.

Listing Comment, Singapore Nod

On Wednesday, CEO Mike Doustdar told the Financial Times that Novo is open to a direct NYSE listing instead of ADRs, but that there is no active process.

Singapore separately approved injectable Wegovy for noncirrhotic MASH with moderate-to-advanced fibrosis. The drug was already approved in the country for weight management.

However, investor sentiment continued to be weighed down by the company’s Capital Markets Day presentation earlier this week.

Novo’s Long-Term Goals

Novo said on Monday that it aims to launch more than five multi-blockbuster medicines by 2030 and generate more than 150 billion kroner (about $23 billion) in risk-adjusted pipeline sales by 2035. It said it is targeting at least five late-stage programs in obesity and diabetes and five more in other areas.

Management said 2026-2030 revenue should compound in line with large-cap peers, operating margins should stay broadly stable, and oral GLP-1 capacity should rise tenfold so the company can serve more than 60 million patients by 2030. CEO Mike Doustdar said Novo is adapting to a changed market, including more dealmaking and a larger direct-to-patient “consumer Rx” push around Wegovy.

Investors, however, wanted a nearer-term answer to U.S. price cuts, Eli Lilly’s gains with rival drugs Zepbound and Mounjaro, and the upcoming loss of exclusivity on semaglutide.

On Tuesday, Doustdar told Bloomberg the company still has more to do to win investors back. “What we have learned the last couple of years is overpromising and underdelivering loses trust very quickly,” he said, adding that investors “want to know what happens next.”

CagriSema Data Fails To Stop The Selling

The same day as the strategy event, Novo also reported late-stage results for CagriSema, its next weekly weight-loss and diabetes shot. In people with type 2 diabetes, a lower dose of CagriSema produced 12.4% weight loss, compared with 9.1% for a low dose of Eli Lilly’s tirzepatide, the medicine in Zepbound. Blood-sugar control was about the same. In a separate study of people with overweight or obesity, CagriSema cut weight by 21% after 16 months, versus 2% for placebo. Novo still aims to launch the drug in early 2027.

Traders, however, focused on timing and on the fact that the Lilly comparison used a lower dose.

How Did NVO Retail Traders React?

On Stocktwits, retail sentiment around NVO stock remained ‘extremely bullish’ over the past 24 hours, while message volume was ‘extremely high.’

A Stocktwits user expressed disappointment with Novo’s leadership and said the company must “stop making presentations and deliver results”

Another user, meanwhile, said the company is being conservative with its goals and voiced optimism that it will exceed them.

NVO stock has fallen 25% year-to-date. 

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