Novo Nordisk on Monday revealed weaker-than-expected data from a second late-stage trial of its obesity drug candidate CagriSema, knocking shares and stoking worries that rival Eli Lilly may be gaining an edge over the company in the weight-loss drugs market.

Novo Nordisk stock tumbled Monday morning after disappointing trial results for its CagriSema weight-loss drug. Shares in rival Eli Lilly also sold off. Find out more:

Novo Nordisk reported results on its next-generation obesity drug in diabetes patients, including data on weight loss that fell short of investors’ expectations.

Novo Nordisk's U.S.-listed shares fell Monday morning following the release of data for a new phase 3 clinical trial of its in-development weight loss drug CagriSema.

New trial data showed the drug helped obese or overweight type 2 diabetics lose an average 15.7% of their weight, when an earlier study recorded 22.7%.

Novo announced results from a new weight loss drug that failed to meet expectations. Despite the results, the company is still in a strong position to continue leading the weight loss space. Novo Nordisk announced that its next-generation weight-loss drug CagriSema helped obese or overweight adult patients with type 2 diabetes lose 15.

Novo Nordisk A/S's CagriSema faces challenges, yet new trials aim to enhance efficacy, rival Eli Lilly in obesity treatments, and stay competitive. Click for more.

The Wegovy successor was able to meet its primary endpoint with a 15.7% weight loss among those dosed with the combination injectable.