Danish pharmaceutical company Novo Nordisk is once again Europe's most valuable listed company after knocking SAP off the top spot.

Novo Nordisk is up 2.4% today after both subcutaneous and oral amycretin have now advanced to Phase 3 studies for the treatment of obesity. The decision is based on completed clinical studies and positive feedback from regulatory authorities after Phase 2.

The Phase 3 program is planned to start in the first quarter of 2026 and is aimed at adults who are overweight or obese. Novo Nordisk expresses great confidence in the amycretin molecule and describes the decision as an important step forward.

Novo Nordisk is now valued at $365 billion, compared to SAP's $364.3 billion. The stock has also been boosted by recent reports that hedge fund Parvus has taken a position in the company ahead of the election of a new CEO.