Novo Nordisk Falls, Praxis Precision Rallies, Lululemon Rises
On this episode of Stock Movers:
- Novo Nordisk (NVO) cut the price of its obesity drug Wegovy in China as the Danish drugmaker gears up for a potential flood of copycats. The reduction will “help alleviate the treatment burden for patients and improve their quality of life,” a spokesperson said by email. The list prices for the two highest dosages of Wegovy were cut by half in some Chinese provinces, local media Yicai reported on Monday, citing drug-procurement documents for southwestern Chinese provinces Yunnan and Sichuan. Shares of Novo Nordisk slipped.
- Praxis Precision (PRAX) rose after getting breakthrough therapy designation by FDA for its medication ulixacaltamide, which treats patients with essential tremor.
- Lululemon (LULU) founder Chip Wilson is pushing for changes to the board before the yogawear company selects a new chief executive officer. Wilson, one of Lululemon’s largest shareholders, nominated three director candidates for election at the 2026 annual meeting: former On Holding co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile and former Activision CEO Eric Hirshberg. Lululemon is unlikely to reach its goal to double sales to $12.5 billion in 2026 even with a lead over its activewear peers, according to a note from Poonam Goyal, senior analyst at Bloomberg Intelligence.
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