A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023.
To be sure, the full results presented on Saturday at a major medical meeting gave analysts even more confidence in the heart protective benefits of the hugely popular drug.
That lifted shares of Penumbra (PEN.N), which makes devices used in surgeries for stroke patients, 13% in morning trading.
Its shares have tumbled about 28% as of last close since Novo in August said Wegovy had also shown a clear cardiovascular benefit.
"The full detailed results ... do not shift our outlook that MedTech device stocks appear broadly oversold," said Leerink analyst Mike Kratky.
Persons:
Victoria Klesty, Wegovy, Baird, Jeff Johnson, Eli Lilly's, Mike Kratky, Leroy Leo, Medha Singh, Sriraj
Organizations:
REUTERS, Novo, Devices, Abbott Laboratories, Thomson
Locations:
Oslo, Norway, Victoria, MedTech, Penumbra, Novo, Friday's, Bengaluru