Why Viking Therapeutics Stock Popped, but Novo Nordisk and Hims & Hers Health Dropped Today

A shake-up may be brewing in the market for GLP-1 diet drugs Friday, and it's making itself felt all across the field of companies selling (or hoping to sell) semaglutide and related drugs for treating diabetes and losing weight. As of 11 a.m. ET, shares of Novo Nordisk (NYSE: NVO) are down 4.2%, and Hims & Hers Health (NYSE: HIMS) stock is getting walloped for a 5.8% loss. In contrast, shares of Viking Therapeutics (NASDAQ: VKTX) are up a modest 3.3%.And why? As CNBC reports today, the Biden administration is using its last few days in office to add 15 prescription drugs to the list of medications on which Medicare can negotiate prices. And here's the kicker: Three weight loss drugs from Novo Nordisk top this list.Taking aim at the sky-high price of semaglutide, Medicare plans to negotiate prices for Novo Nordisk products Ozempic (an injection to control diabetes), Wegovy (an injection more designed for weight loss), and Rybelsus (a pill for diabetes). CNBC notes that prices for these drugs have been impacted by a combination of high demand and low supply, as well as varied coverage by private insurance. Once negotiated, the prices reimbursed by Medicare would go into effect in 2027.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool