Last week, Novo Nordisk (NVO) lost more than one-fifth of its value. Biotechnology investors overreacted to Eli Lilly’s (LLY) clinical data results. Novo reported Phase 3 results of its next-generation weight loss therapy. Investors are worried that Eli Lilly and Viking Therapeutics (VKTX) will benefit from Novo’s clinical readout.
Novo’s CagriSemi met the Phase 3 trial against the placebo. The once-weekly injectable achieved a weight loss of only up to around 20% in subjects over 68 weeks. This is slightly below that offered by Eli Lilly’s drug, where patients may lose around 23%. Investors expected CagriSemi would achieve a weight loss of nearly 25%.
In the retail sector, Nike (NKE) closed at around $77.00 after posting second-quarter results. The firm requires shareholder patience as it develops its turnaround plan. CEO Elliot Hill said that the company will prioritize the digital channel. More importantly, it will focus on the sports market while drawing down its excess inventory.
Bitcoin (BTC-USD) abruptly fell from the $105,000 – $108,000 highs from last week. It traded at around $97,290 in response to the Fed’s signally fewer interest rate cuts in 2025. High interest rate levels increase the attractiveness of the U.S. dollar. This decreases demand for gold and bitcoin.
After the government averted a shutdown, expect bitcoin to bounce back, finding new record highs.
