Novo Nordisk A/S (NVO) Upgraded to Buy at Zacks Investment Research
Novo Nordisk A/S (NYSE:NVO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $55.00 price target on the stock. Zacks Investment Research‘s price target points to a potential upside of 13.36% from the company’s previous close.
According to Zacks, “Novo Nordisk’s second-quarter results topped earnings, but missed revenue estimates. The company has a strong pipeline, primarily focusing on therapeutic proteins within insulin, GLP-1, blood clotting factors and human growth hormone. The company has a strong presence in the Diabetes care market with a global value market share of 27%. The segment is driven by strong performance of drugs like Victoza, Tresiba, Saxenda and Xultophy among others. Novo Nordisk’s stock movement has outperformed the industry. However, we believe continued growth from 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.”
A number of other equities analysts have also weighed in on NVO. BidaskClub upgraded Novo Nordisk A/S from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Bank of America Corporation upgraded Novo Nordisk A/S from an “underperform” rating to a “neutral” rating in a research note on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Novo Nordisk A/S has an average rating of “Hold” and an average price target of $56.00.
Novo Nordisk A/S (NVO) traded up 0.37% during mid-day trading on Wednesday, hitting $48.70. The stock had a trading volume of 467,976 shares. Novo Nordisk A/S has a one year low of $30.89 and a one year high of $48.88. The firm has a market capitalization of $120.79 billion, a price-to-earnings ratio of 19.68 and a beta of 0.60. The stock’s 50 day moving average price is $44.85 and its 200 day moving average price is $40.55.
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A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC increased its stake in Novo Nordisk A/S by 17.7% during the 1st quarter. Renaissance Technologies LLC now owns 16,409,200 shares of the company’s stock worth $562,507,000 after acquiring an additional 2,463,300 shares during the period. Bank of America Corp DE increased its stake in Novo Nordisk A/S by 3.2% during the 1st quarter. Bank of America Corp DE now owns 12,102,582 shares of the company’s stock worth $414,876,000 after acquiring an additional 380,536 shares during the period. Fisher Asset Management LLC increased its stake in Novo Nordisk A/S by 12.9% during the 2nd quarter. Fisher Asset Management LLC now owns 11,690,997 shares of the company’s stock worth $501,427,000 after acquiring an additional 1,331,992 shares during the period. Folketrygdfondet increased its stake in Novo Nordisk A/S by 13.2% during the 2nd quarter. Folketrygdfondet now owns 6,914,192 shares of the company’s stock worth $296,550,000 after acquiring an additional 803,608 shares during the period. Finally, State Street Corp increased its stake in Novo Nordisk A/S by 64,406.4% during the 1st quarter. State Street Corp now owns 5,593,351 shares of the company’s stock worth $191,740,000 after acquiring an additional 5,584,680 shares during the period. Hedge funds and other institutional investors own 6.01% of the company’s stock.
About Novo Nordisk A/S
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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