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 to investors on Monday.
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.”
Other analysts also recently issued reports about the company. BidaskClub upgraded Novo Nordisk A/S from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. 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 research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $55.00.
Shares of Novo Nordisk A/S (NYSE:NVO) traded up 0.716% during mid-day trading on Monday, reaching $48.535. The company’s stock had a trading volume of 815,765 shares. Novo Nordisk A/S has a 52 week low of $30.89 and a 52 week high of $48.88. The firm has a 50-day moving average of $45.61 and a 200-day moving average of $40.85. The firm has a market capitalization of $120.38 billion, a PE ratio of 19.610 and a beta of 0.60.
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Several hedge funds have recently modified their holdings of the company. Morgan Stanley lifted its holdings in Novo Nordisk A/S by 1.1% in the first quarter. Morgan Stanley now owns 1,450,229 shares of the company’s stock worth $49,714,000 after acquiring an additional 15,086 shares during the last quarter. Cabot Wealth Management Inc. lifted its holdings in Novo Nordisk A/S by 3.9% in the first quarter. Cabot Wealth Management Inc. now owns 108,656 shares of the company’s stock worth $3,725,000 after acquiring an additional 4,066 shares during the last quarter. Wayne Hummer Investments L.L.C. bought a new position in Novo Nordisk A/S in the first quarter worth about $209,000. Willingdon Wealth Management lifted its holdings in Novo Nordisk A/S by 3.0% in the second quarter. Willingdon Wealth Management now owns 45,316 shares of the company’s stock worth $1,944,000 after acquiring an additional 1,325 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new position in Novo Nordisk A/S in the first quarter worth about $17,406,000. 6.01% of the stock is currently owned by institutional investors and hedge funds.
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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