DaVita Inc (DVA)

Shares of Davita (DVA) dropped by 16.86% from $91.28 to $75.89 in the trading on Wednesday, October 11, 2023. The reason why DVA stock down is due to a competitor's successful kidney disease prevention drug. However, the stock drop was not exclusive to Davita, as some other dialysis companies like Fresenius and Baxter International 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 Davita' existing struggles, now that the announcement by Novo Nordisk hurts kidney dialysis provider.