Novo Nordisk (NYSE: NVO) is gaining momentum. 

That’s thanks to news that the company’s Wegovy secured approval of its GLP-1 pill, and will have a starting dose of 1.5 milligrams for patients. The company expects to launch the pill in early January, and expect for the pill to help people lose as much weight as with the injections.

“In the 64-week OASIS 4 study of 307 adults without diabetes, participants taking the pill alongside lifestyle changes lost an average of 16.6% of body weight, compared with 2.7% for placebo. Over a third (34.4%) achieved at least 20% weight loss, versus 2.9% for placebo,” said the company in a recent press release.

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This should be big news for the beaten-down NVO stock.

Since peaking at $62.50 in September, NVO now trades at $48.10. From here, given the potential for further weight loss success, we’d like to see it rally to $55 initially.

Sincerely,

Ian Cooper