Novo Nordisk has reported the second phase 3 trial of its new obesity hopeful CagriSema but, as with the first, the topline weight-loss result has sent its shares into a sharp decline.

Novo Nordisk’s stock has dropped around 6.6% in premarket trading Monday following the release of its latest clinical trial data for CagriSema, a treatment for adults with obesity or overweight and type 2 diabetes.

Despite falling hard since last summer, shares of Novo Nordisk have more than doubled the market's overall performance. The stock is up by about 191% over the past five years compared to a 94% gain from the benchmark S&P 500 index.