Novo Nordisk (NYSE: NVO) is trading at a 52-week high. At 45 times trailing earnings, shares of the Danish drugmaker may look expensive to many investors. But despite the seemingly lofty price tag, there's still a bullish case to be made for the stock to go higher, given the potential for its promising weight-loss treatment, Wegovy, to continue to dominate.

In fact, there could be a significant catalyst coming for Novo Nordisk, which could soon make this already red-hot stock an even more appealing buy.

In 2021, the Food and Drug Administration approved Wegovy as a treatment for chronic weight management. It was the first such approval since 2014, as regulators have been cautious when it comes to weight-loss drugs. But in clinical trials, the glucagon-like peptide 1 drug has been incredibly effective, helping patients lose 15% of their body weight, on average, over a two-year period.

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Source Fool.com