Novo Nordisk A/S (NYSE:NVO) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Novo Nordisk A/S (NYSE:NVO) saw unusually-high trading volume on Tuesday . Approximately 1,744,967 shares were traded during mid-day trading, a decline of 61% from the previous session’s volume of 4,496,476 shares.The stock last traded at $106.68 and had previously closed at $104.56.

Wall Street Analyst Weigh In

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

Novo Nordisk A/S Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average price of $114.83 and a 200-day moving average price of $128.64. The firm has a market capitalization of $478.10 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 1.35 and a beta of 0.42.

Institutional Investors Weigh In On Novo Nordisk A/S

Hedge funds have recently made changes to their positions in the company. Tri Ri Asset Management Corp bought a new position in Novo Nordisk A/S in the 3rd quarter valued at $17,276,000. Peapack Gladstone Financial Corp increased its stake in shares of Novo Nordisk A/S by 17.2% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 28,156 shares of the company’s stock valued at $3,353,000 after buying an additional 4,122 shares during the period. Synovus Financial Corp raised its position in shares of Novo Nordisk A/S by 5.2% during the third quarter. Synovus Financial Corp now owns 54,697 shares of the company’s stock worth $6,513,000 after acquiring an additional 2,684 shares during the last quarter. Optimist Retirement Group LLC raised its holdings in Novo Nordisk A/S by 4.3% during the 3rd quarter. Optimist Retirement Group LLC now owns 2,747 shares of the company’s stock worth $327,000 after purchasing an additional 112 shares during the last quarter. Finally, Blankinship & Foster LLC acquired a new position in Novo Nordisk A/S during the 3rd quarter valued at about $1,025,000. Institutional investors and hedge funds own 11.54% of the company’s stock.

Novo Nordisk A/S Company Profile

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.