Dec 24 Reuters U.S. retail investor fund flows into Novo Nordisk surged 32fold on Friday, as the Danish drugmaker39;s weakerthanexpected obesity drug data offered a rare dipbuying opportunity, according to Vanda Research.

Daily net flows climbed to 15.6 million from 0.49 million a day earlier, after eagerly anticipated data showed Novo39;s experimental drug, CagriSema, helped patients cut 22.7 of their weightshort of the anticipated 25.

Novo competes with U.S. rival Eli Lilly in the burgeoning market for weightloss treatments, which is projected to exceed 150 billion in revenue within the next decade.

Retail investors love to buy dips, especially in popular stocks..and do so, until that doesn39;t work anymore, said Marco Iachini, senior vice president of research at Vanda.

Shares of Novo Nordisk dropped 27 on Friday, erasing over 100 billion in market value. Its U.S.listed shares tumbled 21 to 81.50, their lowest level since August 2023.

Right now Novo only dipped below SP 500 performance for the first time in 2 years so, probably too early to see them retail investors give up on their buythe dipbias, he said. The retail flows on Friday likely provided an exit for institutional investors.

Funds from retail investors touched a oneday high of 23.5 million on March 7, data from Vanda shows, after Novo39;s amycretin drug helped obese patients cut 13 of their weight in a study.

The success of Novos Wegovy and Lillys Zepbound weightloss drugs has revived retail…