Why Weight Loss Drug Developer Stocks Tumbled on Thursday

Companies like Novo Nordisk and Eli Lilly might soon have a determined competitor in their hottest product category.It wasn't so long ago when Novo Nordisk (NVO -2.84%) and Eli Lilly (LLY -4.50%) stocks were flying high thanks to their hotly popular weight loss drugs (Wegovy/Ozempic for Novo Nordisk and Zepbound/Mounjaro for Lilly).In the pharmaceutical industry, as in other sectors, a high-demand product encourages competitors to enter the same segment. News of a rapidly emerging rival put the hurt on both ...