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