WeightWatchers jumps nearly 40% on revealing access to Novo's Wegovy

Reuters

WeightWatchers jumps nearly 40% on revealing access to Novo's Wegovy

2024 10월 8, 오후 6:54 GMT

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Updates stock activity

** Shares of WW International WW.O, also known as WeightWatchers, jump 38.1% to $1.09 on Tues after co said would offer compounded version of Novo Nordisk's NOVOb.CO popular obesity drug Wegovy

** About 28 mln shares have traded so far on Tues for busiest session since Apr 2023

** Soaring demand for Wegovy and Eli Lilly's LLY.N Zepbound, shown to help patients lose as much as 20% of weight on average, has led to shortages allowing drug compounders to produce them under U.S. regulations

** "Given the ongoing shortages of branded medications such as Ozempic and Wegovy, WeightWatchers is committed to ensuring our members still have access to effective alternatives" - interim CEO Tara Comonte

** The new offering would start at $129, co said

** Comonte last month was named interim CEO, replacing Sima Sistani, who had been at the helm since Feb 2022

** Through Mon, WW had shed >90% of value in 2024 due to concerns around co's growth prospects and liquidity

** Short interest in WW stood at ~18% of public float as of Sept 13, per LSEG data

** Stock, which at its peak traded just north of $100 in 2018, fell below $1 on Aug 1

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

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WeightWatchers jumps nearly 40% on revealing access to Novo's Wegovy

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