Novo Nordisk A/S (NYSE:NVO) Trading Up 0.4% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO)’s stock price was up 0.4% during mid-day trading on Thursday . The company traded as high as $81.43 and last traded at $80.86. Approximately 1,710,374 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 8,405,317 shares. The stock had previously closed at $80.57.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NVO. Cantor Fitzgerald reaffirmed 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. StockNews.com downgraded Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 29th. Sanford C. Bernstein upgraded shares of Novo Nordisk A/S from an “underperform” rating to a “market perform” rating in a report on Monday, January 6th. BNP Paribas upgraded Novo Nordisk A/S to a “strong-buy” rating in a report on Monday, December 2nd. Finally, BMO Capital Markets decreased their price target on shares of Novo Nordisk A/S from $156.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, December 23rd. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $140.20.

Novo Nordisk A/S Trading Up 0.8 %

The business’s fifty day simple moving average is $96.10 and its two-hundred day simple moving average is $115.79. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The company has a market cap of $364.30 billion, a price-to-earnings ratio of 26.29, a PEG ratio of 0.89 and a beta of 0.45.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NVO. Gabelli Funds LLC raised its position in Novo Nordisk A/S by 35.7% in the 2nd quarter. Gabelli Funds LLC now owns 46,963 shares of the company’s stock valued at $6,703,000 after purchasing an additional 12,363 shares during the last quarter. Xponance Inc. boosted its stake in shares of Novo Nordisk A/S by 27.6% during the second quarter. Xponance Inc. now owns 2,665 shares of the company’s stock worth $380,000 after buying an additional 576 shares during the period. Marshall Wace LLP grew its holdings in shares of Novo Nordisk A/S by 34,472.1% during the second quarter. Marshall Wace LLP now owns 691,441 shares of the company’s stock worth $98,696,000 after buying an additional 689,441 shares during the last quarter. Insigneo Advisory Services LLC increased its position in Novo Nordisk A/S by 1.0% in the 2nd quarter. Insigneo Advisory Services LLC now owns 10,693 shares of the company’s stock valued at $1,526,000 after acquiring an additional 108 shares during the period. Finally, Fred Alger Management LLC lifted its position in Novo Nordisk A/S by 38.4% during the 2nd quarter. Fred Alger Management LLC now owns 54,493 shares of the company’s stock worth $7,778,000 after acquiring an additional 15,129 shares during the period. Hedge funds and other 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.