Novo Nordisk unveiled its latest data for a weight-loss drug candidate, but shares of the maker of Wegovy and Ozempic tumbled as the results missed investors’ expectations and reignited concerns about Novo’s rivalry with Eli Lilly.

Novo Nordisk has launched a new late-stage trial for its experimental next-generation obesity drug candidate, CagriSema, as it tries to reassure the market of its potential after disappointing data from two previous studies.