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Why Novo Nordisk Stock Popped Today

Source The Motley Fool

Novo Nordisk (NYSE: NVO), the Danish drugmaker that's been riding high ever since it began putting out Ozempic and Wegovy GLP-1 injectables for treatment of diabetes and weight loss, got another shot in the arm yesterday -- one that helped the stock dodge the market downturn entirely and end the day somewhat in the green. The same news that helped Novo stock out yesterday, moreover, is today turning into solid gains as Novo Nordisk stock rises 2.5% through 11 a.m. ET.

And what news was that, you ask?

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Novo Nordisk now has an Ozempic pill.

Novo Nordisk's big news day

Citing a Novo spokesperson, pharmaceuticals news site BioPharmaDive reported yesterday that Novo Nordisk "earlier this year" submitted to the Food and Drug Administration an application to approve an oral form of its semaglutide GLP-1 weight loss drug.

BioPharmaDive notes that Novo has already reported positive clinical results with the new GLP-1 pill, which showed patients losing as much as 15% of their body weight over the course of a 64-week phase 3 trial.

Is Novo Nordisk stock a buy?

Curiously, this is both good news and bad news for Novo Nordisk stock. On the good news front, it stands to reason that if Ozempic is already a popular product despite its requiring patients to repeatedly stick themselves in the stomach with needles, then an oral form of Ozempic, no more complicated than swallowing a pill, will be even more popular -- and help Novo Nordisk to continue dominating this market.

On the other hand, BioPharmaDive notes that the pill Novo wants FDA approval for contains 70 times as much semaglutide as injectable Ozempic. The journal points out that such a large increase in dosage will require an even larger increase in Novo's production capacity, which only recently reached a point at which it can satisfy the injectables market.

Long story short, Novo has a big opportunity here, but needs to grow if it's to make the most of it.

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Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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