Why Novo Nordisk Flew Almost 3% Higher on Friday

An archrival's pricing move was seen as beneficial for Novo Nordisk (NYSE: NVO) on Friday. As investors disseminated news of a dramatic increase in the cost of a product competing with the company's star drug, Wegovy, they pushed the Danish pharmaceutical company's share price up. It closed the day almost 3% higher during a session when the S&P 500 index ended up slumping by 0.3%.The previous day, U.S. healthcare giant Eli Lilly announced that it was raising the prices of Zepbound -- a GLP-1 obesity drug that directly competes with Wegovy -- in the U.K. In doing so, the company indicated that it will follow suit in other European markets.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool