Novo Nordisk A/S (NYSE:NVO) Sees Large Decline in Short Interest

Novo Nordisk A/S (NYSE:NVO) was the recipient of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 4,930,000 shares, a decrease of 18.5% from the October 31st total of 6,050,000 shares. Based on an average daily volume of 4,790,000 shares, the days-to-cover ratio is presently 1.0 days.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NVO. StockNews.com raised Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a report on Friday, November 1st. BMO Capital Markets lowered their price objective on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Novo Nordisk A/S currently has an average rating of “Buy” and a consensus target price of $144.50.

Novo Nordisk A/S Stock Performance

NVO opened at $108.14 on Monday. The stock has a market cap of $485.28 billion, a PE ratio of 34.56, a P/E/G ratio of 1.38 and a beta of 0.42. Novo Nordisk A/S has a 1 year low of $94.73 and a 1 year high of $148.15. The stock’s 50 day simple moving average is $112.81 and its 200-day simple moving average is $127.92. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43.

Institutional Investors Weigh In On Novo Nordisk A/S

Institutional investors and hedge funds have recently bought and sold shares of the business. 1620 Investment Advisors Inc. acquired a new position in Novo Nordisk A/S during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL bought a new position in Novo Nordisk A/S during the 2nd quarter valued at about $25,000. Gilliland Jeter Wealth Management LLC boosted its position in Novo Nordisk A/S by 200.0% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock valued at $26,000 after buying an additional 120 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in Novo Nordisk A/S during the third quarter worth about $28,000. Finally, Halpern Financial Inc. increased its holdings in shares of Novo Nordisk A/S by 113.0% during the second quarter. Halpern Financial Inc. now owns 213 shares of the company’s stock worth $30,000 after buying an additional 113 shares in the last quarter. Institutional investors 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.