NVO Phase 3 readout: a negative outcome, -16.4%

On April 21, 2026, Cagrilintide — Novo Nordisk A/S (Obesity or Overweight) reached its Phase 3 readout. The result was a negative outcome, and the stock moved -16.4% in the window around the event. It had already run -23.8% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.