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.

(Reuters) -Shares in Wegovy maker Novo Nordisk fell around 4% on Friday to their lowest since August 2021, after U.S. President Donald Trump sent letters to major pharmaceutical firms to cut drug prices in the United States.

Shares in Novo Nordisk fell as much as 6% on Friday to their lowest since August 2021, extending recent losses to wipe out almost all the gains made since the drugmaker launched its blockbuster weight-loss treatment Wegovy.