Shares of Novo Nordisk (NYSE: NVO) rose 3.5% on Monday, coinciding with gains in the S&P 500 and Nasdaq Composite. The Danish pharmaceutical company submitted an application for FDA approval of a higher dose of its weight-loss drug, Wegovy, which is nearly three times the current maximum dose. Trials have shown that this increased dosage resulted in participants losing an average of 20.7% of their body weight, compared to 15% with the existing formulation. This news follows a recent decline in Novo’s stock due to a failed Alzheimer’s trial.
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