STORY: Novo Nordisk shares plummeted 10% Monday (November 24) to a multi-year low.
Investors sold off after the Danish drugmaker said an Alzheimer's drug trial failed.
It announced an older oral version of its semaglutide drug didn't meet its main goal in late-stage trials.
Novo was testing whether the Rybelsus medicine could slow cognitive decline in Alzheimer's patients.
Market watchers hoped Alzheimer's could open a major new market for GLP-1 medicines like semaglutide.
Particularly as Novo faces rising competition to its blockbuster weight-loss drugs like Ozempic.
And Alzheimer's patients currently have limited treatment options.
Novo's trial was being closely watched to see whether GLP-1 drugs might slow disease progress.
GLP-1 drugs are used by millions for diabetes and weight loss.
The results are another setback for Novo and new CEO Mike Doustdar.
The company saw booming success in recent years due to its weight loss treatments.
But slower sales growth and a falling share price has led to a CEO change and mass layoffs.
