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 Thursday, after fresh early trial data showed positive results for its new experimental weight loss pill.
Shares of the Danish company hit a record high in the previous session, 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.
The uptick of Thursday extends a months-long rally for Novo Nordisk, as excitement grows around weight loss drugs and their wider applications. The company is now the most valuable in Europe, with a valuation larger than Denmark’s total gross domestic product last year.
Shares were trading slightly lower on Friday, down 0.3%, by 9:35 a.m. London time.
This is a breaking news item, and it is being updated.
