Weight-Loss Stocks Soar After Obesity-Drug Study Spurs Investor Frenzy
- Lilly, WW, Viking Therapeutics among stocks jumping Tuesday
- Morgan Stanley sees $77 billion market for obesity drugs
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Wall Street’s enthusiasm for all things weight-loss related got a fresh boost Tuesday after results for a Novo Nordisk A/S obesity drug showed a heart benefit.
Weight-loss tied stocks jumped following the update with rival Eli Lilly & Co. surging 15% to a record high. A positive outlook in Lilly’s earnings report also helped fuel the climb. Viking Therapeutics Inc., a drug developer working on a treatment similar to Novo’s Wegovy, jumped 12%. And WW International Inc. — better known as Weight Watchers — which bought a telemedicine firm that prescribes obesity medications earlier this year, soared 13%.