Eli Lilly and Novo expand their decline day by day due to a rare crash

Shares of weight loss drug makers Eli Lilly (NYSE: LLY) and Novo Nordisk (NVO) extended their multi-day decline on Thursday, causing the total market capitalization of the world's two largest companies to lose billions of dollars.

Lily (LLY) fell 6% and continued to fall for 3 days, recording the worst intraday decline since 2021/9 for a major pharmaceutical company headquartered in Indianapolis, Indiana.

LLY shares of 4.3 million or more were traded against the 65-day average of ~ 2.7 million shares, and the stock price reached a low level for the first time in 1 month or more.

Meanwhile, rival Novo (NVO) fell ~ 5%, reaching a low level for the first time in more than 2 months, and recorded the fourth consecutive decline and the worst intraday decline since 2022/8.

This crash overlapped with promising early-stage test results for oral weight loss drugs developed by European rival Roche (OTCQX: RHHBF).

Due to this 3-day decline, the total market value of LLY, which is the world's largest listed healthcare company, has exploded by about 86.1 billion dollars (about 8 trillion yen). Novo (NVO), which has the largest market capitalization in Europe, lost a total market value of 67.5 billion dollars due to the current crash.