Something weird's happening with Novo Nordisk's stock lately. You'd think with all the hype around GLP-1 drugs and the obesity treatment revolution, their valuation would be sky-high. But here's the thing – the market's pricing them like that entire craze just... didn't happen?

Their shares have been bleeding out despite the massive commercial success of Wegovy and Ozempic. Wall Street seems to be pricing in some serious doubts. Maybe it's competition fears? Eli Lilly's breathing down their neck. Or perhaps investors are worried the gold rush won't last – patent cliffs, regulatory pushback, or just market saturation kicking in faster than expected.

Either way, the disconnect between the narrative and the price action is pretty striking. Makes you wonder if the smart money sees something the headlines don't.