U.S.-listed shares of Novo Nordisk (NVO) rose 0.5% in early premarket trading Wednesday after the Danish drugmaker reported second-quarter sales of its blockbuster weight-loss drug Wegovy soared despite mounting competition from compounded versions.

On Stocktwits, where Novo has more than 20,000 followers, the ticker ranked among the top five trending names by 4:30 a.m. ET, with retail traders discussing the earnings report in an "extremely bullish" mood.

Wegovy sales climbed to 19.53 billion Danish kroner ($3.03 billion) from 11.66 billion kroner a year earlier. Sales of diabetes drug Ozempic increased to 31.8 billion kroner from 28.88 billion kroner.

The results come after a bruising week for Novo, with shares sliding more than 30% — the worst weekly decline in its history — following the company slashing its full-year guidance due to headwinds from compounded versions of its obesity and diabetes drugs in the U.S. The FDA permits compounding when supplies of branded treatments are scarce.

Novo also named Mike Doustdar as CEO and pledged cost cuts and a sharper commercial focus following the stock rout.

One Stocktwits user called the Q2 print "solid results. Everything is barely off of expectations, call will be important. For now we are flat."

Several bullish traders said they were eyeing a rebound to $60, a level last touched in late July.

Novo and its peers are bracing for more pressure from President Donald Trump’s plans to gradually ramp up tariffs for foreign pharmaceutical companies.

However, there was a sliver of optimism last week after the Washington Post reported that Medicaid programs and Medicare Part D insurance plans will experiment with covering Novo’s weight loss drugs Ozempic, Wegovy, as well as Eli Lilly’s Mounjaro, and Zepbound for "weight management" purposes.

Novo Nordisk currently trades at just 12 times forward earnings, versus rival Lilly's 30.4 times, but at roughly a 67% discount to Wall Street's average price target, according to Koyfin data. Shares remain down nearly 45% in 2025.

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