Has Novo Nordisk Stock Found Its Floor?

Investors in the pharmaceutical giant Novo Nordisk are grappling with a stark reality: the equity has shed approximately two-thirds of its value since its peak. This represents a profound re-rating for the former market darling. The past week delivered a mix of strategic progress and clinical disappointment, leading market participants to question whether the bottom is finally in sight or if further declines loom.

Amid the gloom, a significant strategic development emerged. On Thursday, Germany's Federal Cartel Office granted its approval for Novo Nordisk's acquisition of Akero Therapeutics. This clearance removes a major regulatory obstacle, paving the way for the integration of the promising drug candidate, efruxifermin, into Novo's development pipeline. With competition intensifying in the core GLP-1 weight-loss sector, this move into the metabolic dysfunction-associated steatohepatitis (MASH) field is viewed as a crucial strategic diversification.

Clinical Setback in Alzheimer's Research

Counterbalancing this positive news was a substantial research setback. Detailed data from the Phase 3 EVOKE and EVOKE+ trials, presented at a specialist conference, delivered disappointing results. The investigational oral semaglutide treatment failed to slow cognitive decline in patients with early-stage Alzheimer's disease. While certain biomarkers showed improvement, the effect was deemed insufficient for clinical benefit.

In a consequential follow-up, the company has halted the extension study for this program. The termination eliminates a potential future multi-billion dollar revenue stream, applying additional downward pressure on the share price. The stock currently trades at 41.30 euros, reflecting a year-to-date loss exceeding 50%.

Should investors sell immediately? Or is it worth buying Novo Nordisk?

Defending a Market Leadership Position

Management is concurrently engaged in efforts to defend its current market standing. A warning issued in the United States concerning counterfeit Ozempic injection pens underscores the persistently robust demand for the product. Meanwhile, preparations for a market launch in India are underway, a strategic move aimed at preempting generic competition.

A particularly relevant development for the future is the late November submission for regulatory approval of a high-dose 7.2 mg version of Wegovy. This new formulation, supported by trial data showing approximately 21% weight loss, is designed to help maintain efficacy against next-generation therapies from competitors.

Market attention is now sharply focused on two key upcoming events: the operational integration of Akero Therapeutics and the anticipated decision from the U.S. Food and Drug Administration (FDA) on the new Wegovy dosage, expected in the first quarter of 2026. In the near term, technical support levels will be critical. A stabilization around current prices could signal that the negative news flow—including the Alzheimer's trial failure—is now fully priced into the stock.