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Friday's Biggest Moving Stocks: Moderna, Carvana, Novo Nordisk

Hypergrowth from Covid vaccines back in the 2020-22 era is over. However, Moderna (MRNA) bucked the trend by highlighting its upcoming RSV vaccine. The firm is expecting U.S. regulators to approve its RSV-based shot.

MRNA added 12.68% on Thursday to close at $125.59. Shares are now up 26% YTD.

Used vehicle seller Carvana (CVNA) is benefiting from financial engineering. The stock added 35.77% yesterday and may continue its short-squeeze today. Although CVNA stock is far from its $300 share price during the meme trades of 2021, bears will need to close their 29.68% short float against the firm.

In the drug sector, Novo Nordisk (NVO) pulled back by 4.02% to $124.02. In the first quarter, the firm posted revenue rising by 22% Y/Y to $9.39 billion. It benefited from sales of Wegovy more than doubling. The firm benefited from the strong demand for Ozempic, which treats obesity. Sales grew by 43% Y/Y to around $4 billion (DKK 27.81 billion).

Investors should take advantage of NVO stock pulling back. The total addressable market is expanding for obesity drugs. Still, prices are starting to fall for Wegovy and Ozempic. Volumes are rising and competition is worsening. Fortunately, Novo raised its 2024 forecast, which signals minimal risks from those two market factors.