On May 28, Novo Nordisk rose 3.18% in regular trading, trading at $45.885/share, with trading volume of $256 million. Multiple positive catalysts converged to drive the stock higher.

On the news front, Novo Nordisk is presenting key Phase III ESSENCE trial data for semaglutide 2.4mg in treating metabolic dysfunction-associated steatohepatitis (MASH) at the EASL 2026 Annual Meeting. The data showed 37% of patients achieved liver fibrosis improvement, drawing significant market attention. Additionally, the U.S. FDA recently approved semaglutide for the MASH indication, unlocking access to a massive liver disease treatment market estimated in the trillions.

Meanwhile, market speculation emerged that Novo Nordisk is considering acquiring Danish-listed Zealand Pharma to strengthen its amylin and dual-receptor target pipeline, enhancing its competitive positioning against Eli Lilly. The broader GLP-1 sector rallied in tandem, with Eli Lilly gaining 5.49% on the same session. Recent studies also linked GLP-1 drugs to improved cancer outcomes, further bolstering long-term sentiment for the class.

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