Investors weren’t buying the dip en masse this time. Novo’s ADRs were down 3.5% to $52.04 in premarket trading Wednesday. Coming into Wednesday trading, they were down nearly 60% in the past 12 months, down 37% since the day of the CagriSema update.

U.S.-listed shares of Novo Nordisk (NVO) fell sharply for a second straight day Wednesday, this time after Bank of America downgraded the stock. On Tuesday, the stock plummeted nearly 22% after the Danish drugmaker cut its full-year outlook and named a new CEO.