Long-time Novo investor cuts stake citing weight-loss drug hype
A top-performing European fund manager is calling time on “hype” around weight-loss drugs that has sent Novo Nordisk’s stock price rallying more than 50% this year.
By Sagarika Jaisinghani, Bloomberg
Niall Gallagher, who runs an equity fund for GAM Investments that has returned 14% this year, said he had reduced a position in the Danish drugmaker by about half in the past few months, partly to reflect the surge in stock valuations as sales of its appetite-suppressing medications — known as GLP-1s — skyrocketed.
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