Zacks Investment Research Upgrades Novo Nordisk A/S (NVO) to Buy
Novo Nordisk A/S (NYSE:NVO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $55.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 11.99% from the company’s current price.
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.”
A number of other brokerages have also recently weighed in on NVO. Bank of America Corporation upgraded shares of Novo Nordisk A/S from an “underperform” rating to a “neutral” rating in a research note on Wednesday, September 6th. BidaskClub upgraded shares of Novo Nordisk A/S from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.00.
Novo Nordisk A/S (NVO) opened at 49.11 on Tuesday. The company’s 50-day moving average is $45.97 and its 200-day moving average is $41.13. The firm has a market capitalization of $121.80 billion, a P/E ratio of 19.84 and a beta of 0.60. Novo Nordisk A/S has a 52-week low of $30.89 and a 52-week high of $49.26.
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A number of large investors have recently modified their holdings of NVO. State Street Corp lifted its stake in shares of Novo Nordisk A/S by 64,406.4% in the 1st quarter. State Street Corp now owns 5,593,351 shares of the company’s stock worth $191,740,000 after acquiring an additional 5,584,680 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Novo Nordisk A/S by 17.7% in the 1st quarter. Renaissance Technologies LLC now owns 16,409,200 shares of the company’s stock worth $562,507,000 after acquiring an additional 2,463,300 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Novo Nordisk A/S by 12.9% in the 2nd quarter. Fisher Asset Management LLC now owns 11,690,997 shares of the company’s stock worth $501,427,000 after acquiring an additional 1,331,992 shares during the period. Folketrygdfondet lifted its stake in shares of Novo Nordisk A/S by 13.2% in the 2nd quarter. Folketrygdfondet now owns 6,914,192 shares of the company’s stock worth $296,550,000 after acquiring an additional 803,608 shares during the period. Finally, Sustainable Growth Advisers LP lifted its stake in shares of Novo Nordisk A/S by 17.3% in the 1st quarter. Sustainable Growth Advisers LP now owns 4,068,896 shares of the company’s stock worth $139,482,000 after acquiring an additional 598,644 shares during the period. Hedge funds and other institutional investors own 6.01% of the company’s stock.
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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