Novo Nordisk A/S (NYSE:NVO) Shares Down 2% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO)’s stock price dropped 2% during trading on Tuesday . The stock traded as low as $85.17 and last traded at $85.75. Approximately 2,085,345 shares changed hands during trading, a decline of 78% from the average daily volume of 9,575,449 shares. The stock had previously closed at $87.51.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets lowered their target price on Novo Nordisk A/S from $156.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, December 23rd. BNP Paribas upgraded Novo Nordisk A/S to a “strong-buy” rating in a research note on Monday, December 2nd. Sanford C. Bernstein upgraded Novo Nordisk A/S from an “underperform” rating to a “market perform” rating in a research note on Monday, January 6th. UBS Group upgraded Novo Nordisk A/S from a “sell” rating to a “buy” rating in a research note on Wednesday, January 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $145.25.

Novo Nordisk A/S Trading Up 1.5 %

The company has a market cap of $382.91 billion, a P/E ratio of 27.61, a P/E/G ratio of 0.90 and a beta of 0.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.75 and a current ratio of 0.94. The business has a fifty day simple moving average of $94.32 and a 200 day simple moving average of $113.82.

Institutional Trading of Novo Nordisk A/S

Large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of Novo Nordisk A/S by 10,608.4% during the 3rd quarter. International Assets Investment Management LLC now owns 1,813,571 shares of the company’s stock valued at $215,942,000 after purchasing an additional 1,796,635 shares during the period. Mediolanum International Funds Ltd acquired a new position in shares of Novo Nordisk A/S during the 3rd quarter valued at $98,765,000. DAVENPORT & Co LLC increased its position in shares of Novo Nordisk A/S by 75.1% during the 4th quarter. DAVENPORT & Co LLC now owns 1,052,712 shares of the company’s stock valued at $90,477,000 after purchasing an additional 451,641 shares during the period. Wellington Management Group LLP acquired a new position in shares of Novo Nordisk A/S in the 3rd quarter worth $42,017,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Novo Nordisk A/S in the 2nd quarter worth $41,646,000. 11.54% of the stock is currently owned by institutional investors and hedge funds.

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.