Partially a result, Novo Nordisk has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.

U.S.-listed shares of Novo Nordisk fell sharply for a second straight day Wednesday, this time after Bank of America downgraded the stock to "neutral" from "buy."