Novo Nordisk (NVO) Sees Significant Increase in Short Interest

Novo Nordisk (NYSE:NVO) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totalling 2,147,542 shares, a growth of 53.4% from the April 13th total of 1,399,529 shares. Based on an average daily trading volume, of 1,608,993 shares, the days-to-cover ratio is currently 1.3 days.

Separately, Zacks Investment Research cut Novo Nordisk from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.00.

A number of hedge funds have recently made changes to their positions in NVO. BlackRock Inc. boosted its stake in Novo Nordisk by 342.2% during the fourth quarter. BlackRock Inc. now owns 9,423,284 shares of the company’s stock valued at $505,747,000 after buying an additional 7,292,400 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Novo Nordisk by 341.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,552,244 shares of the company’s stock valued at $136,979,000 after buying an additional 1,974,129 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Novo Nordisk by 9.5% during the fourth quarter. Renaissance Technologies LLC now owns 15,731,200 shares of the company’s stock valued at $844,294,000 after buying an additional 1,369,900 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in Novo Nordisk by 6.4% during the first quarter. Loomis Sayles & Co. L P now owns 22,025,113 shares of the company’s stock valued at $1,084,737,000 after buying an additional 1,323,857 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Novo Nordisk by 4.8% during the fourth quarter. Fisher Asset Management LLC now owns 12,705,477 shares of the company’s stock valued at $681,903,000 after buying an additional 580,753 shares in the last quarter. 6.64% of the stock is owned by institutional investors and hedge funds.

Shares of Novo Nordisk opened at $48.99 on Friday, MarketBeat.com reports. Novo Nordisk has a fifty-two week low of $48.52 and a fifty-two week high of $48.90. The stock has a market cap of $117.85 billion, a P/E ratio of 20.94, a PEG ratio of 2.48 and a beta of 0.66.

Novo Nordisk declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 1st that permits the company to buyback shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

About Novo Nordisk

Novo Nordisk A/S, a healthcare company, engages in the discovery, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes Care and Obesity, and Biopharmaceuticals. The Diabetes Care and Obesity segment provides insulins, GLP-1 and related delivery systems, and oral anti-diabetic drugs and obesity.

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