Novo Nordisk A/S (NYSE:NVO) Downgraded by Zacks Investment Research to “Hold”
Novo Nordisk A/S (NYSE:NVO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Continued growth from Novo Nordisk’s Victoza and Tresiba as well as higher contributions from Saxenda and Xultophy will be partly offset by the impact of lower realized prices in the U.S., loss of exclusivity for products in hormone replacement therapy, intensifying competition within the diabetes and biopharmaceuticals markets and macroeconomic conditions in many markets under International Operations. Tresiba is becoming one of the major contributors of revenue for the company. The company also received approval by the FDA for the Biologics License Application (BLA) for Rebinyn for the treatment of adults and children with hemophilia B and marketing authorization in Europe for the same for the treatment of adolescents and adults with haemophilia B. Shares of Novo Nordisk have outperformed the Large Cap Pharmaceuticals industry year to date.”
Other analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Novo Nordisk A/S from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. TheStreet raised shares of Novo Nordisk A/S from a “c+” rating to a “b-” rating in a report on Tuesday, May 2nd. Finally, HSBC Holdings plc downgraded shares of Novo Nordisk A/S from a “hold” rating to a “reduce” rating in a report on Friday, April 7th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Novo Nordisk A/S has a consensus rating of “Hold” and a consensus target price of $53.00.
Novo Nordisk A/S (NVO) traded up 0.16% during midday trading on Monday, hitting $43.05. 681,933 shares of the stock traded hands. Novo Nordisk A/S has a one year low of $30.89 and a one year high of $57.41. The company’s 50 day moving average is $42.51 and its 200-day moving average is $37.36. The company has a market cap of $107.44 billion, a P/E ratio of 18.28 and a beta of 0.63.
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A number of hedge funds and other institutional investors have recently bought and sold shares of NVO. Winslow Evans & Crocker Inc. increased its position in Novo Nordisk A/S by 18.0% in the second quarter. Winslow Evans & Crocker Inc. now owns 68,814 shares of the company’s stock worth $2,888,000 after buying an additional 10,498 shares during the period. Ledyard National Bank increased its position in Novo Nordisk A/S by 14.8% in the second quarter. Ledyard National Bank now owns 166,822 shares of the company’s stock worth $7,155,000 after buying an additional 21,500 shares during the period. Trust Co. of Oklahoma bought a new position in Novo Nordisk A/S during the second quarter worth approximately $214,000. Fisher Asset Management LLC increased its position in Novo Nordisk A/S by 12.9% in the second quarter. Fisher Asset Management LLC now owns 11,690,997 shares of the company’s stock worth $501,427,000 after buying an additional 1,331,992 shares during the period. Finally, Pennsylvania Trust Co increased its position in Novo Nordisk A/S by 46.0% in the second quarter. Pennsylvania Trust Co now owns 10,925 shares of the company’s stock worth $469,000 after buying an additional 3,444 shares during the period. Hedge funds and other institutional investors own 6.34% of the company’s stock.
Novo Nordisk A/S Company Profile
Novo Nordisk A/S is a global healthcare company engaged in diabetes care. The Company is also engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. The Company operates through two business segments: diabetes and obesity care, and biopharmaceuticals. The Company’s diabetes and obesity care segment covers insulin, GLP-1, other protein-related products, such as glucagon, protein-related delivery systems and needles, and oral anti-diabetic drugs.
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