Revisiting Our Old Love With Obesity
Old love dies hard
It’s starting to look like the obesity/GLP-1 mega-theme is making a comeback. As enthusiasm for AI moderates, investors are rotating back into healthcare, with renewed focus on Lilly and Novo’s pricing deals, M&A chatter, and fresh data highlighting the next wave of obesity innovation. We want to be long the theme as it is quietly regaining “darling” status and we express it via bombed-out NOVO.