Novo Nordisk rises after Pfizer ends development of weight-loss pill

Shares in Novo Nordisk NOVOb.CO rise about 4% after Pfizer PFE.N on Monday said it has discontinued development of experimental weight-loss pill danuglipron

Discontinuation comes after a trial patient experienced potential drug-induced liver injury which resolved after the medication was stopped

Nordnet analyst Per Hansen attributes the share gain to the Pfizer announcement, and says that weight loss market and data can move stock prices in early stages

"Pfizer dropping a project shows that not all projects that Novo Nordisk and Eli Lilly or new competitors work on end up succeeding," Hansen also notes

If gains hold, Novo tracks best day since February 21