Eli Lilly aka LLY hit a new all time high again on Wednesday after rival GLP1 drugmaker Novo Nordisk announced it was ending a kidney failure study early for its drug semaglutide due to efficacy data.
Shares of Lilly set a 52 week high of $608.7 before closing the session 5% higher at $605.28. Shares of Novo Nordisk increased as well, rising 6% to settle at $98.8
After the market closed on Tuesday, Novo Nordisk stated that independent monitors suggested early termination of its semaglutide renal failure therapy study because it had met its efficacy criteria. Semaglutide has been put through tests by Novo Nordisk to see if it can stop the progression of renal impairment in those with type 2 diabetes and chronic kidney disease.
Semaglutide is marketed for the treatment of type two diabetes under the name Ozempic and as a weight loss drug under the name Wegovy. Lilly markets a GLP1 drug called tirzepatide.
Following the news, shares of companies that supply dialysis services and equipment, including Fresenius (FMS), DaVita (DVA), Outset Medical (OM), and Baxter International (BAX), dramatically declined.
Shares of Lilly set a 52 week high of $608.7 before closing the session 5% higher at $605.28. Shares of Novo Nordisk increased as well, rising 6% to settle at $98.8
After the market closed on Tuesday, Novo Nordisk stated that independent monitors suggested early termination of its semaglutide renal failure therapy study because it had met its efficacy criteria. Semaglutide has been put through tests by Novo Nordisk to see if it can stop the progression of renal impairment in those with type 2 diabetes and chronic kidney disease.
Semaglutide is marketed for the treatment of type two diabetes under the name Ozempic and as a weight loss drug under the name Wegovy. Lilly markets a GLP1 drug called tirzepatide.
Following the news, shares of companies that supply dialysis services and equipment, including Fresenius (FMS), DaVita (DVA), Outset Medical (OM), and Baxter International (BAX), dramatically declined.
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Weight loss has been a multi trillion dollar industry for decades, with a near term market of hundreds of millions of people, and LLY has the best product ever put on the market for it. LLY is easily the major stock with the surest large upside out there. There are major profits ahead, even if overall LLY will have to share them with copycats and competitors.
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Lilly’s phase III study evaluating its pipeline candidate, mirikizumab, for treating moderately to severely active CD, achieved the co-primary endpoints and all major secondary endpoints versus placebo. Data from the study showed that 45.4% of patients in the mirikizumab arm achieved clinical response at Week 12 and clinical remission at Week 52, statistically higher than 19.6% for placebo.
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