Popular diabetes treatment Ozempic could soon have its price cut following cost negotiations with the Centers for Medicare & Medicaid Services, according to Bloomberg, as the Novo Nordisk drug currently has a costly list price in the U.S. that has become the subject of a Senate investigation.

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Novo Nordisk shares closed down 3.3% at $132.32 Tuesday. The pharmaceutical company's stock is up more than 27.8% on the year after trading at $102.11 per share in January.

"They have studied the math, and they tell me that they can sell a generic version of Ozempic, the exact same drug that Novo Nordisk is manufacturing, to Americans for less than $100 a month," Sanders said during an expert roundtable event in Washington D.C. on Tuesday, referring to conversations he has had with CEOs of large generic pharmaceutical companies, according to NBC News.

A hearing on Novo Nordisk's pricing of Ozempic will be held next Tuesday by the Senate Committee on Health, Education, Labor and Pensions. Novo Nordisk CEO Lars Jørgensen will testify.

Ozempic has become a wildly popular diabetes and obesity treatment for Novo Nordisk, which generated nearly $14 billion in sales through the drug last year, which accounted for 41% of its total sales, The Washington Post reported. Ozempic is not explicitly a weight loss drug, though the treatment has gained social media attention for its ability to potentially help users lose weight. The once-weekly injection can be prescribed off-label for weight management even though it has not been FDA-approved for weight loss, though such prescriptions are unlikely to be covered by insurance.