WeightWatchers jumps as investors cheer Novo obesity drug data

WW International

08/08/2023 16:24

(Updates stock activity)
    ** Shares of WW International  WW.O , also known as 
WeightWatchers, jumping 19.8% to $9.57 on Tues after encouraging
news from Novo Nordisk  NOVOb.CO  on its obesity drug
    ** WW rises as high as $9.89 on the session and on course
for biggest one-day pct gain in three months
    ** Danish drugmaker Novo on Tues said Wegovy cut risk of
heart disease by 20%, exceeding expectations from key late-stage
trial
    ** "Success likely fuels pressure for improved payer
coverage, with Medicare inclusion perhaps 2025E", Jefferies
wrote in research note
    ** In Mar, WeightWatchers announced acquisition of
subscription telehealth platform Sequence to enter the obesity
drug prescription business
    ** WW has more than tripled since Sequence buy was
announced. Stock hit 17-month high of $12.13 in Jul
    ** 3 of 7 analysts covering WW rate stock "buy", 3 have
"hold" and 1 has "sell" recommendation, per Refinitiv data
    ** Median PT of $12.50 up from $7.50 on Jul 8

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))