Denmark's Novo Nordisk launched a rival bid for U. obesity biotech firm Metsera on Thursday, hijacking an offer from Pfizer as drugmakers jostle for advantage in the fast-growing and competitive weight-loss drug market.

Stocks traded mostly to the downside Thursday with shares of companies in the tech sector leading declines as Meta Platforms and Microsoft fell following the release of their quarterly earnings.These stocks were moving Thursday:Meta Platforms missed analysts’ third-quarter earnings expectations and the stock declined 10%.

The restaurant chain posted a drop in net income and quarterly revenue missed forecasts. Chipotle said economic strains were [turning customers away from its stores](

A bidding war between Novo Nordisk and Pfizer has broken into the open for Metsera, which focuses on developing drugs to treat obesity

Pfizer Inc. (NYSE: PFE) is aware of the reckless and unprecedented proposal by Novo Nordisk A/S (NYSE: NVO) to acquire Metsera, Inc. (NASDAQ: MTSR). It is an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger.

Investing.com -- Novo Nordisk shares have slipped over 2% premarket on Thursday after the company made an unsolicited bid to acquire Metsera, a U.S. obesity drug developer, in a move BMO Capital described as “an over-the-top bid” that complicates Pfizer ’s ongoing takeover attempt.

With U.S. stock markets set to open in two hours, Guardant Health Inc. (GH) was up 26.2% in pre-market trading, and Metsera Inc. (MTSR) was up 19.3%.