Novo Nordisk A/S (NVO) Stock Rating Upgraded by 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 note released on Wednesday, September 13th. Zacks Investment Research currently has $55.00 price objective on the stock.

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 research analysts also recently issued research reports about the company. BidaskClub downgraded Novo Nordisk A/S from a buy rating to a hold rating in a research note on Thursday, June 29th. Bank of America Corporation raised shares of Novo Nordisk A/S from an underperform rating to a neutral rating in a report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $55.00.

Novo Nordisk A/S (NYSE NVO) traded up 0.17% during midday trading on Wednesday, reaching $48.15. The company’s stock had a trading volume of 2,656,566 shares. The company has a market cap of $119.42 billion, a PE ratio of 19.37 and a beta of 0.60. Novo Nordisk A/S has a 12 month low of $30.89 and a 12 month high of $49.45. The stock has a 50-day moving average price of $45.97 and a 200 day moving average price of $41.13.

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Hedge funds have recently bought and sold shares of the stock. Suntrust Banks Inc. raised its stake in Novo Nordisk A/S by 25.1% in the first quarter. Suntrust Banks Inc. now owns 21,451 shares of the company’s stock valued at $733,000 after purchasing an additional 4,306 shares in the last quarter. Teza Capital Management LLC purchased a new position in Novo Nordisk A/S in the 1st quarter worth approximately $242,000. TD Asset Management Inc. grew its stake in Novo Nordisk A/S by 18.0% in the 1st quarter. TD Asset Management Inc. now owns 43,013 shares of the company’s stock worth $1,474,000 after buying an additional 6,552 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Novo Nordisk A/S by 10.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 1,199,268 shares of the company’s stock worth $41,111,000 after buying an additional 115,080 shares during the last quarter. Finally, Sawtooth Solutions LLC raised its position in shares of Novo Nordisk A/S by 127.6% during the 1st quarter. Sawtooth Solutions LLC now owns 28,826 shares of the company’s stock valued at $988,000 after buying an additional 16,161 shares in the last quarter. Institutional investors own 6.01% of the company’s stock.

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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