3 Million Reasons Novo Nordisk Still Looks Like a Phenomenal Buy
Novo Nordisk (NYSE: NVO) has been a great investment over the past few years. Since the start of 2022, shares of the Danish healthcare giant have risen by 120%, far outstripping the S&P 500's return of just 8%. The company is a big name in diabetes care and weight loss, with many drugs that can help people in those areas.
And despite its already strong returns of late, there is still much more upside for the stock. That's because the healthcare company is still in the early stages of rolling out its promising weight-loss treatment, Wegovy. Here's a closer look at why sales for the drug could be due to take off in the not-too-distant future.
In clinical trials, Wegovy has demonstrated incredible results, helping people lose 15% of their body weight, on average, after one year. But there is an increasing number of reasons to take the drug besides just weight loss. In March, the Food and Drug Administration (FDA) approved Wegovy as a treatment to reduce cardiovascular risk in obese and overweight adults. And as more studies are done and more potential benefits are uncovered, there may be even more reasons to take the drug in the future.
Source Fool.com
