Novo Climbs After FT Reports Activist Parvus Amassed Stake

Novo Nordisk A/S shares rose to the highest level in more than two months after a report that activist hedge fund Parvus Asset Management has built a stake as the Danish drugmaker struggles to keep its lead in the obesity market.

The stock climbed as much as 3.5% in Copenhagen trading. London-based Parvus is interested in influencing the appointment of a new chief executive officer, according to the Financial Times.