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The obesity drug market has seen a surge of interest recently, largely thanks to the popularity of glucagon-like peptide-1 (GLP-1) drugs like Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro. The explosion in interest in the drug class has fueled the stock prices of Novo and Lilly, which both have multiple GLP-1 drugs in their portfolios.
Novo’s stock on the New York Stock Exchange is up over one-third so far in 2023 — trading near $92 per share after beginning the year at $68.48. Lilly has seen even steeper gains with its stock closing at $538.29 on October 2, up almost 48% so far this year.
So far this year, the GLP-1 surge has negatively impacted the stocks of some medical device companies focused on diabetes and sleep apnea. Analysts have even speculated that the surge in popularit…