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Shares of Eli Lilly and Co (NYSE:LLY) and Novo Nordisk A/S (NYSE:NVO) finished lower on Thursday, perhaps influenced by competitive developments and regulatory updates in the pharmaceutical sector.
What Happened: Pfizer has selected its preferred once-daily modified release formulation for danuglipron, a GLP-1 receptor agonist. This decision by Pfizer intensifies competition in the diabetes treatment market. Both JPMorgan and Berenberg have maintained Buy ratings on Eli Lilly, raising their price targets to $1000.
Meanwhile, Novo Nordisk has received a Complete Response Letter (CRL) from the FDA regarding its once-weekly basal insulin icodec. The FDA’s requests related to manufacturing processes and indications for type 1 diabetes will delay potential approval, contributing to the stock’s decline.
The pharmaceutical sector’s volatility today may be reflecting ongoing scrutiny over drug pricing practices, notably highlighted by Sen. Bernie Sanders (I-VT) targeting high prices of Novo Nordisk’s drugs, Ozempic and Wegovy.
LLY and NVO Price Action: Eli Lilly shares were down by 0.61% at $934.14 and Novo Nordisk shares were down by 2.08% at $139.79 on Thursday, according to Benzinga Pro.
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