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 Danish pharmaceutical company’s blockbuster Wegovy weight-loss drug just missed sales expectations in the fourth quarter despite more than doubling on the year.

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’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.

Shares of Novo Nordisk climbed 4.5% on Wednesday after the Danish pharmaceutical giant reported a stronger-than-expected fourth-quarter net profit, driven by soaring demand for its obesity treatment,