Shares of Novo Nordisk (NVO) plummeted nearly 10% in premarket trading on Monday, November 24th, 2025 following the announcement that its phase 3 clinical trials for an Alzheimer’s disease treatment failed to meet primary endpoints. The stock dipped to $43.01 at 6:53 AM EST, down $4.64 or 9.73% from the previous close of $47.63. 2025 has already been a challenging year for Novo Nordisk, with shares declining more than 50%, due to intensifying competition in the weight-loss drug market that serves as the company’s primary revenue driver. The setback marks another blow for the company following its pursuit of Alzheimer’s treatment using semaglutide. The trials evaluated oral semaglutide against placebo over a two-year period, which failed to confirm superiority of semaglutide in reducing progression of Alzheimer’s disease as measured by the Clinical Dementia Rating – Sum of Boxes (CDR-SB) score compared to baseline. While semaglutide treatment resulted in improvements in Alzheimer’s disease-related biomarkers in both trials, these biomarker changes did not translate into a meaningful delay in disease progression for patients. Novo Nordisk will discontinue the planned one-year extension period in both trials based on the efficacy results. The company’s focus shifted to this target after real-world evidence studies, pre-clinical models and post-hoc analyses from diabetes and obesity trials. Topline results will be presented at the Clinical Trials in Alzheimer’s Disease (CTAD) conference on December 3rd, 2025 with full results scheduled for the 2026 Alzheimer’s and Parkinson’s Diseases Conferences in March 2026. The setbacks have fueled concerns about Novo Nordisk’s future and its ability to compete in the weight-loss market, where it faces increasing competition from companies like Eli Lilly. Market analysts remain cautious but some anticipate potential upside as the average price target remains at $56.11 despite a range of opinions.