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Investors weren’t buying the dip en masse this time. Novo’s ADRs were down 3.5% to $52.04 in premarket trading Wednesday. Coming into Wednesday trading, they were down nearly 60% in the past 12 months, down 37% since the day of the CagriSema update.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.