Novo Nordisk A/S Common Stock (NYSE:NVO) experienced a notable decline on Thursday. This movement follows a significant announcement from competitor Viking Therapeutics Inc. (NASDAQ:VKTX).

What To Know: Viking Therapeutics announced the company has advanced its obesity candidate VK2735 into late-stage trials. This advancement has intensified competition in the GLP-1 market, which is currently led by Novo Nordisk and Eli Lilly corp. (NYSE:LLY).

Viking Therapeutics' report of promising results for its obesity drug, showing up to a 15% reduction in body weight over 13 weeks, has pressured Novo Nordisk. This development challenges Novo Nordisk's leading position in the obesity treatment market.

What Else: The options market for Novo Nordisk has shown a predominantly bearish sentiment recently. Out of eight detected trades, 62% were bearish, including three put options totaling $155,555 and five call options amounting to $255,360.

Novo Nordisk's trading volume reached 1,568,565, with the stock nearing oversold conditions according to RSI indicators. The company's next earnings report is expected in 13 days.

Analyst Opinions: Cantor Fitzgerald recently downgraded Novo Nordisk to 'Overweight' but maintained a price target of $160.

NVO Price Action: Novo Nordisk shares were down by 2.88% at $127.86 according to Benzinga Pro.

• Can Independent Bank Corp. Run Higher on Rising Earnings Estimates?

Photo via Shutterstock.