Shares of Novo Nordisk ( NVO 4.37%) were moving higher on Wednesday. The company's stock gained 4.9% as of 1:50 p.m. ET, but gained as much as 5.8% earlier in the day. The leg up comes as the S&P 500 ( ^GSPC 0.26%) gained 0.2%, and the Nasdaq Composite ( ^IXIC 0.02%) lost 0.1% on the day.

The weight-loss drugmaker's Wegovy and Ozempic are among the most closely watched new medications in recent history, but face serious competition from Eli Lilly’s Zepbound and Mounjaro.

Novo Nordisk today announced 2024 earnings, reporting a 26% increase in annual sales to ~$40.56bn. Read why I upgrade NVO stock from hold to buy.