Shares in Novo Nordisk fell as much as 6% on Friday before recovering some ground later in the session, extending recent losses that threaten to wipe out all the gains since the drugmaker launched its blockbuster weight-loss treatment Wegovy four years ago.

Partially as a result, Novo Nordisk stock has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.

Novo Nordisk (NVO) downgraded to Hold by HSBC amid growth concerns, GLP-1 market challenges, and revised 2025-2026 earnings forecasts. Read more here.