Novo Dordisk Drops; Alibaba Soars; Biogen Rises
On this episode of Stock Movers:
- A pill version of Novo Nordisk (NOVOB) Ozempic failed to slow the progression of Alzheimer’s disease in a pair of high-risk studies that aimed to open up a new use for blockbuster obesity drugs. Patients who took the medicine didn’t see their disease progress more slowly based on a cognitive assessment, the Danish drugmaker said Monday. Novo will discontinue a planned one-year extension of the studies. The stock plunged as much as 12.4% in Copenhagen, hitting the lowest level since July 2021.
- Alibaba Group's (BABA) Qwen app drew more than 10 million downloads in the week after its relaunch, boding well for a longer-term effort to build a rival to OpenAI’s ChatGPT. - Biogen (BIIB) shares rise 4.7% in premarket trading on Monday after Novo Nordisk said a pill version of Ozempic failed to slow the progression of Alzheimer’s disease in two late-stage studies. Wall Street analysts see a positive read-through to Biogen.
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