Shares of Eli Lilly hit a new 52-week high on Wednesday after rival GLP-1 drugmaker Novo Nordisk (NVO) said it was ending a kidney failure study early for its drug semaglutide due to efficacy data.
Lilly shares closed the session 5% higher at $605.28 after hitting a 52-week high of $608.79.
After market close on Tuesday, Novo Nordisk said independent monitors had recommended ending its study of semaglutide in the treatment of kidney failure early because it had met its efficacy criteria. Novo Nordisk has been testing semaglutide for the prevention of renal impairment progression in patients with type 2 diabetes and chronic kidney disease.
Semaglutide is marketed for the treatment of type 2 diabetes under the name Ozempic and as a weight-loss drug under the name Wegovy. Lilly markets a GLP-1 drug called tirzepatide, also known as Mounjaro.
tl;dr Obesity stocks FTW
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