Novo Nordisk A/S (NYSE:NVO) Stock Price Down 1.7% – Here’s What Happened

Shares of Novo Nordisk A/S (NYSE:NVO) were down 1.7% during mid-day trading on Tuesday . The company traded as low as $62.49 and last traded at $62.9030. Approximately 13,353,765 shares were traded during trading, a decline of 44% from the average daily volume of 23,747,180 shares. The stock had previously closed at $63.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Hsbc Global Res cut shares of Novo Nordisk A/S from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. CICC Research began coverage on shares of Novo Nordisk A/S in a research report on Friday, January 9th. They set an “outperform” rating and a $73.50 target price on the stock. BMO Capital Markets set a $57.00 price target on shares of Novo Nordisk A/S in a research report on Monday. Zacks Research upgraded Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a report on Friday, January 9th. Finally, Citigroup initiated coverage on Novo Nordisk A/S in a report on Tuesday. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Novo Nordisk A/S presently has an average rating of “Hold” and a consensus price target of $57.79.

Novo Nordisk A/S Stock Performance

The stock has a 50-day moving average price of $52.44 and a 200 day moving average price of $54.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.57. The firm has a market cap of $280.86 billion, a PE ratio of 18.29 and a beta of 0.66.

Novo Nordisk A/S (NYSE:NVO) last released its quarterly earnings data on Wednesday, November 5th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.25. Novo Nordisk A/S had a return on equity of 73.50% and a net margin of 32.76%.The business had revenue of $11.79 billion during the quarter, compared to the consensus estimate of $11.98 billion. Research analysts forecast that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in shares of Novo Nordisk A/S by 209.8% in the third quarter. True Wealth Design LLC now owns 443 shares of the company’s stock worth $25,000 after acquiring an additional 300 shares in the last quarter. NewSquare Capital LLC raised its position in shares of Novo Nordisk A/S by 174.1% in the 2nd quarter. NewSquare Capital LLC now owns 444 shares of the company’s stock valued at $31,000 after purchasing an additional 282 shares in the last quarter. Guerra Advisors Inc acquired a new position in shares of Novo Nordisk A/S in the 3rd quarter valued at approximately $25,000. Strengthening Families & Communities LLC purchased a new position in shares of Novo Nordisk A/S during the 3rd quarter valued at approximately $30,000. Finally, Mid American Wealth Advisory Group Inc. acquired a new stake in shares of Novo Nordisk A/S during the second quarter worth approximately $37,000. Institutional investors and hedge funds own 11.54% of the company’s stock.

About Novo Nordisk A/S

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.