Novo Nordisk A/S (NYSE:NVO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $55.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 11.77% from the company’s previous close.
According to Zacks, “Novo Nordisk 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.”
Several other brokerages have also commented on NVO. BidaskClub lowered Novo Nordisk A/S from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. BNP Paribas lowered Novo Nordisk A/S from an “outperform” rating to a “neutral” rating in a research note on Monday, September 25th. Finally, Bank of America Corporation upgraded Novo Nordisk A/S from an “underperform” rating to a “neutral” rating in a report on Wednesday, September 6th. Three 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 an average rating of “Hold” and an average price target of $55.00.
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Several hedge funds have recently bought and sold shares of the stock. Keel Point LLC raised its holdings in shares of Novo Nordisk A/S by 0.4% in the 2nd quarter. Keel Point LLC now owns 6,748 shares of the company’s stock valued at $289,000 after buying an additional 24 shares during the period. AlphaMark Advisors LLC raised its holdings in shares of Novo Nordisk A/S by 1.1% in the 2nd quarter. AlphaMark Advisors LLC now owns 2,645 shares of the company’s stock valued at $113,000 after buying an additional 30 shares during the period. Trillium Asset Management LLC raised its holdings in shares of Novo Nordisk A/S by 0.4% in the 2nd quarter. Trillium Asset Management LLC now owns 11,928 shares of the company’s stock valued at $512,000 after buying an additional 48 shares during the period. Baldwin Investment Management LLC raised its holdings in shares of Novo Nordisk A/S by 1.4% in the 2nd quarter. Baldwin Investment Management LLC now owns 8,004 shares of the company’s stock valued at $343,000 after buying an additional 111 shares during the period. Finally, Garrison Financial Corp raised its holdings in shares of Novo Nordisk A/S by 1.3% in the 2nd quarter. Garrison Financial Corp now owns 11,675 shares of the company’s stock valued at $501,000 after buying an additional 145 shares during the period. Hedge funds and other 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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