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Shares of weight loss drug company Eli Lilly (New York Stock Exchange:LLY) and Novo Nordisk (NVO) extended a multi-day slide on Thursday, wiping out billions of dollars in market capitalization for two of the world's largest companies.
Lily (LLY) fell ~6%extending a three-day drop to record what could be the Indianapolis, Indiana-based pharmaceutical giant's worst intraday decline since September 2021.
Over 4.3 million LLY shares have changed hands compared to the 65-day average of ~2.7 million as the stock hit its lowest level in over a month.
Meanwhile, its rival Novo (NVO) Lost ~5% to hit the lowest level in more than two months, marking its fourth consecutive drop and the worst intraday drop since August 2022.
The sell-off coincided with promising results from early trials of an oral weight-loss drug developed by European rival Roche (OTCQX:RHHBY) (OTCQX:RHHBF).
The three-day drop has seen LLY, the world's largest publicly traded healthcare company, lose approximately $86.1 billion in market capitalisation. For Novo (NVO), Europe's largest company by market value, the drop has seen a loss of $67.5 billion in market capitalisation.
