Why Novo Nordisk Stock Edged Higher Today
A positive note from an analyst and a new supply deal were good enough to power Novo Nordisk (NYSE: NVO) stock ahead on Wednesday, despite some negative news about its manufacturing efforts. Shares of the Wegovy maker closed slightly over 1% higher, eclipsing the 0.9% drop of the S&P 500 index on the day.
The supply arrangement was agreed between Novo Nordisk and healthcare tech company Ypsomed. According to a press release published by the latter company, it will supply autoinjectors under a long-term deal that will see Novo Nordisk contribute to an expansion of its partner's production facilities. The financial terms of the arrangement have not been revealed.
Although Ypsomed did not specifically mention Wegovy or its close relative Ozempic, it's a near certainty that the these will be the drugs filling the autoinjectors. Wegovy in particular is an extremely popular drug among weight-loss patients, and demand continues to be strong.
Source Fool.com
