Novo Nordisk A/S (NVO) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Novo Nordisk A/S (NYSE:NVO) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $55.00 target price on the stock.
According to Zacks, “Novo Nordisk 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 analysts have also commented on NVO. BidaskClub upgraded shares of Novo Nordisk A/S from a sell rating to a hold rating in a research note on Saturday, August 12th. BNP Paribas lowered shares of Novo Nordisk A/S from an outperform rating to a neutral rating in a research note on Monday, September 25th. Finally, Bank of America Corporation upgraded shares of 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 given a hold rating and two have assigned a buy rating to the stock. Novo Nordisk A/S currently has a consensus rating of Hold and a consensus price target of $55.00.
Shares of Novo Nordisk A/S (NYSE NVO) traded up 0.57% during midday trading on Tuesday, reaching $49.11. 733,896 shares of the company’s stock traded hands. The stock has a market cap of $96.38 billion, a P/E ratio of 19.75 and a beta of 0.61. The stock has a 50-day moving average price of $48.04 and a 200-day moving average price of $42.78. Novo Nordisk A/S has a 52-week low of $30.89 and a 52-week high of $49.50.
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Institutional investors and hedge funds have recently bought and sold shares of the business. Proficio Capital Partners LLC boosted its holdings in Novo Nordisk A/S by 155.6% during the 1st quarter. Proficio Capital Partners LLC now owns 2,472 shares of the company’s stock worth $103,000 after acquiring an additional 1,505 shares during the last quarter. AlphaMark Advisors LLC boosted its holdings in Novo Nordisk A/S by 1.1% during the 2nd quarter. AlphaMark Advisors LLC now owns 2,645 shares of the company’s stock worth $113,000 after acquiring an additional 30 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Novo Nordisk A/S by 120.3% during the 1st quarter. Parallel Advisors LLC now owns 2,844 shares of the company’s stock worth $117,000 after acquiring an additional 1,553 shares during the last quarter. MUFG Americas Holdings Corp boosted its holdings in Novo Nordisk A/S by 100.0% during the 2nd quarter. MUFG Americas Holdings Corp now owns 3,000 shares of the company’s stock worth $129,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Novo Nordisk A/S by 167.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,061 shares of the company’s stock worth $105,000 after acquiring an additional 1,918 shares during the last quarter. 6.01% of the stock is currently owned by hedge funds and other institutional investors.
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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