The logo of Danish pharmaceutical company is pictured at their headquarters in Bagsvaerd outside of Copenhagen, Denmark on February 1, 2017.
Liselotte Sabroe | AFP | Getty Images
Wegovy obesity drug maker Novo Nordisk surpassed Tesla in market value, after fresh early trial data showed positive results for its new experimental weight loss pill.
Shares of the Danish company hit a record high on Thursday, rallying by as much as 8%, after telling investors that a Phase I trial of the company’s amycretin pill showed 13.1% weight loss in participants after 12 weeks.
Novo Nordisk is now the 12th most valuable company in the world, with a market cap of $604 billion — ahead of Tesla’s $569 billion, according to FactSet data.
Shares were trading slightly lower on Friday, down 0.5%, by 10:00 a.m. London time.
Top 15 companies by market capitalization
| Name | Ticker | Sector | Market value ($ bn) |
|---|---|---|---|
| Microsoft Corp | MSFT | Technology | 3,040.1 |
| Apple Inc. | AAPL | Technology | 2,609.7 |
| NVIDIA Corp | NVDA | Technology | 2,316.7 |
| Saudi Aramco | 2222-SA | Energy | 2,048.6 |
| Amazon.com, Inc. | AMZN | Consumer Non-Cyclicals | 1,836.7 |
| Alphabet Inc. | GOOGL | Technology | 1,675.6 |
| Meta Platforms Inc | META | Technology | 1,305.8 |
| Berkshire Hathaway | BRK.B | Finance | 869.6 |
| Eli Lilly and Company | LLY | Healthcare | 741.3 |
| Broadcom Inc. | AVGO | Technology | 652.0 |
| Taiwan Semiconductor | TSM | Technology | 625.1 |
| Novo Nordisk | NVO | Healthcare | 608.1 |
| Tesla, Inc. | TSLA | Consumer Cyclicals | 569.0 |
| Visa Inc. Class A | V | Finance | 559.0 |
| JPMorgan Chase | JPM | Finance | 541.1 |
Source: FactSet, Mar. 8
The uptick of Thursday extends a months-long rally for Novo Nordisk, as excitement grows around weight loss drugs and their potential wider applications. The company is now the most valuable in Europe, with a valuation larger than Denmark’s total gross domestic product last year.
The early amycretin data marks a fresh milestone for Novo Nordisk, potentially offering a more effective and less intrusive alternative to its already widely successful injection-based Wegovy and Ozempic drugs. Wegovy showed weight loss of 6% in a…
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