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.

Novo Nordisk (NVO) reports Q4 earnings with expectations of 86 cents EPS and $11.40B revenues. Stock down 29.55% YOY, 4.81% YTD. Analysts see 68% upside.

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.