What Happened?
Shares of healthcare tech company GoodRx (NASDAQ: GDRX) jumped 3.1% in the morning session after investor enthusiasm continued following its recent partnership with Danish pharmaceutical giant Novo Nordisk.
The positive momentum is a continuation of a significant rally that began on August 18, when the stock initially surged 37% upon the announcement of the deal. The partnership allows GoodRx to offer popular diabetes and weight-loss drugs Wegovy and Ozempic to self-paying customers at a substantial discount. Investors appear to remain optimistic that this agreement will provide a major customer and marketing boost for the prescription medication discount company, driving sustained interest in the stock.
After the initial pop the shares cooled down to $4.45, up 2.6% from previous close.
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What Is The Market Telling Us
GoodRx’s shares are very volatile and have had 29 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was about 24 hours ago when the stock gained 3.7% on the news that investor enthusiasm continues following its recent partnership with Danish pharmaceutical giant Novo Nordisk.
GoodRx is down 2.4% since the beginning of the year, and at $4.45 per share, it is trading 48.2% below its 52-week high of $8.59 from August 2024. Investors who bought $1,000 worth of GoodRx’s shares at the IPO in September 2020 would now be looking at an investment worth $88.10.
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