Novo Nordisk Shares Decline Amid Competitive Pressure - Novo Nordisk (NYSE:NVO), Eli Lilly and Co (NYSE:L

　　Novo Nordisk A/S Common StockNVO experienced a notable decline on Thursday. This movement follows a significant announcement from competitor Viking Therapeutics Inc.VKTX.

　　What To Know:Viking Therapeutics announced the company has advanced its obesity candidate VK2735 into late-stage trials. This advancement has intensified competition in the GLP-1 market, which is currently led by Novo Nordisk andEli Lilly corp. LLY.

　　Viking Therapeutics report of promising results for its obesity drug, showing up to a 15% reduction in body weight over 13 weeks, has pressured Novo Nordisk. This development challenges Novo Nordisk's leading position in the obesity treatment market.

　　What Else: The options market for Novo Nordisk has shown a predominantly bearish sentiment recently. Out of eight detected trades, 62% were bearish, including three put options totaling $155,555 and five call options amounting to $255,360.

　　Novo Nordisks trading volume reached 1,568,565, with the stock nearing oversold conditions according to RSI indicators. The company's next earnings report is expected in 13 days.

　　Analyst Opinions: Cantor Fitzgerald recently downgraded Novo Nordisk to ‘Overweight’ but maintained a price target of $160.

　　NVO Price Action: Novo Nordisk shares were down by 2.88% at $127.86 according to Benzinga Pro.

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