Novo Nordisk (NVO) stock was down on Tuesday, despite a lack of news from the pharmaceutical company. Instead, investors can turn to rival drug maker Eli Lilly (LLY) to learn why shares of NVO stock have fallen today.
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Eli Lilly announced positive results from a Phase 3 clinical trial of its weight loss pill, orforglipron. The big news here is that the pill helped patients with Type 2 diabetes shed weight while simultaneously reducing their blood sugar levels. With this data, the company has what it needs to file an application with the U.S. Food and Drug Administration (FDA), with the hope of approval and commercial sales.
Investors in Novo Nordisk will easily understand why this has weighed on NVO stock today. Novo Nordisk is the maker of Wegovy, a popular weight loss medication sold in the U.S. However, it’s only available via injection, with a pill version still waiting for approval. This puts Eli Lilly right on the company’s heels, as the two companies vie for approval from the FDA to get their pills out and reach a larger number of patients than what injections offer.
Novo Nordisk Stock Movement Today
Novo Nordisk stock was down 2.59% on Tuesday. Investors will also note that the shares have dropped 34.99% year-to-date and 58.32% over the past 12 months. Tariffs on European pharmaceuticals have weighed on NVO stock in 2025. Novo Nordisk has sought to avoid these tariffs with a pledge to increase domestic production of its treatments.
Is Novo Nordisk Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Novo Nordisk is Moderate Buy, based on three Buy and four Hold ratings over the past three months. With that comes an average NVO stock price target of $67.86, representing a potential 23.65% upside for the shares.
