Novo Nordisk A/S (NYSE:NVO) Trading Up 1.7% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO)’s stock price rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $80.30 and last traded at $80.05. Approximately 2,673,411 shares changed hands during trading, a decline of 69% from the average daily volume of 8,707,202 shares. The stock had previously closed at $78.69.

Wall Street Analysts Forecast Growth

NVO has been the subject of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research report on Wednesday, November 6th. BMO Capital Markets dropped their price objective on Novo Nordisk A/S from $156.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, December 23rd. UBS Group raised shares of Novo Nordisk A/S from a “sell” rating to a “buy” rating in a research note on Wednesday, January 8th. Sanford C. Bernstein upgraded shares of Novo Nordisk A/S from an “underperform” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, BNP Paribas upgraded shares of Novo Nordisk A/S to a “strong-buy” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $140.20.

Novo Nordisk A/S Price Performance

The company’s 50 day simple moving average is $97.15 and its 200 day simple moving average is $116.47. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75. The stock has a market cap of $362.55 billion, a P/E ratio of 26.16, a P/E/G ratio of 0.84 and a beta of 0.45.

Institutional Investors Weigh In On Novo Nordisk A/S

A number of hedge funds have recently modified their holdings of NVO. Raymond James & Associates lifted its holdings in shares of Novo Nordisk A/S by 1.0% in the third quarter. Raymond James & Associates now owns 3,526,821 shares of the company’s stock valued at $419,939,000 after purchasing an additional 36,223 shares in the last quarter. Natixis Advisors LLC lifted its stake in Novo Nordisk A/S by 2.7% in the 3rd quarter. Natixis Advisors LLC now owns 3,074,876 shares of the company’s stock valued at $366,125,000 after purchasing an additional 80,070 shares during the last quarter. International Assets Investment Management LLC raised its stake in Novo Nordisk A/S by 10,608.4% in the third quarter. International Assets Investment Management LLC now owns 1,813,571 shares of the company’s stock valued at $215,942,000 after buying an additional 1,796,635 shares during the period. DSM Capital Partners LLC boosted its stake in shares of Novo Nordisk A/S by 257,816.0% during the 2nd quarter. DSM Capital Partners LLC now owns 1,593,921 shares of the company’s stock worth $227,516,000 after acquiring an additional 1,593,303 shares during the period. Finally, LPL Financial LLC increased its holdings in shares of Novo Nordisk A/S by 3.6% during the 3rd quarter. LPL Financial LLC now owns 1,362,782 shares of the company’s stock worth $162,266,000 after acquiring an additional 47,496 shares during the last quarter. Institutional investors and hedge funds own 11.54% of the company’s stock.

About Novo Nordisk A/S

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease.