$Novo Nordisk AS(NVO.US) barely moved, $Alnylam Pharma(ALNY.US) fell over three percentage points, $AstraZeneca(AZN.US) dropped nearly six percentage points, and $METIS TECHBIO-P(07666.HK) saw a slight decline in Hong Kong stocks. Major pharmaceutical companies and biotech firms were generally weak today, with $AstraZeneca(AZN.US) falling deeper, following the valuation adjustments of large pharma companies amid concerns over interest rates and pipelines; $Novo Nordisk AS(NVO.US) is treading water in the competitive landscape of weight-loss drugs, waiting for the next data point.

The weakness in these large-cap pharma stocks is exactly the opposite of the earlier strength in Chinese innovative drug stocks—mature pharma companies are digesting pricing pressures, while flexible varieties are speculating on expectations. Within the same broad healthcare sector, money is moving towards the side with a story.