Baxter International Inc. (BAX)

Shares of Baxter International (BAX) dropped by 12.27% from $37.32 to $32.74 in the trading on Wednesday, October 11, 2023. The reason why BAX stock down is due to a competitor's successful kidney disease prevention drug. However, the stock drop was not exclusive to Baxter, as some other dialysis companies like DaVita and Fresenius also suffered losses. This market turbulence was triggered by Novo Nordisk's early termination of a phase 3 trial for Ozempic (semaglutide), which showed remarkable effectiveness in slowing kidney disease progression in type 2 diabetes and chronic kidney disease patients, potentially disrupting the need for dialysis. This setback compounded Baxter' existing struggles, now that the announcement by Novo Nordisk hurts kidney dialysis provider.