Shares of Novo Nordisk A/S (NVO) tumbled Monday after the company reported mixed Phase 3 trial results for its obesity treatment CagriSema, which failed to meet its primary endpoint.
The stock is currently trading at $40.23, down $7.19 or 15.16%, on the NYSE. The stock opened at $40.19 after closing at $47.42 on Friday. The stock has traded between $39.97 and $93.80 over the past 52 weeks. Trading volume surged well above average in a heavy session.
Novo Nordisk said CagriSema achieved 23% weight loss after 84 weeks in the REDEFINE 4 Phase 3 trial. However, the study failed to meet its primary endpoint of demonstrating non-inferiority versus tirzepatide on weight loss.
While the therapy showed a favorable safety profile and remains under FDA review with a decision expected in late 2026, the missed primary endpoint raised concerns about its competitive positioning in the fast-growing obesity treatment market.
CagriSema is a once-weekly injectable therapy being developed by Novo Nordisk for adults with overweight or obesity and for type 2 diabetes. The treatment combines cagrilintide, a long-acting amylin analogue, with semaglutide, a GLP-1 receptor agonist. The dual-hormone approach is designed to reduce hunger, increase feelings of fullness, and help patients lower calorie intake. CagriSema is currently being studied in late-stage REDEFINE trials for obesity and REIMAGINE trials for diabetes.
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