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

Novo Nordisk A/S (NYSE:NVO)’s share price was down 0.4% on Thursday . The company traded as low as $105.82 and last traded at $106.45. Approximately 1,120,556 shares changed hands during trading, a decline of 75% from the average daily volume of 4,425,886 shares. The stock had previously closed at $106.91.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on NVO shares. BMO Capital Markets lowered their price target on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. StockNews.com upgraded Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $144.50.

Novo Nordisk A/S Stock Performance

The firm has a market cap of $456.56 billion, a price-to-earnings ratio of 32.93, a PEG ratio of 1.31 and a beta of 0.42. 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 50 day moving average of $118.58 and a 200 day moving average of $129.58.

Hedge Funds Weigh In On Novo Nordisk A/S

Institutional investors and hedge funds have recently made changes to their positions in the business. Savoie Capital LLC acquired a new stake in Novo Nordisk A/S in the third quarter valued at $1,191,000. Brophy Wealth Management LLC bought a new stake in shares of Novo Nordisk A/S in the 3rd quarter worth about $878,000. Executive Wealth Management LLC acquired a new stake in shares of Novo Nordisk A/S in the 3rd quarter valued at about $2,417,000. Abel Hall LLC grew its stake in Novo Nordisk A/S by 2.9% in the third quarter. Abel Hall LLC now owns 5,807 shares of the company’s stock worth $691,000 after purchasing an additional 162 shares in the last quarter. Finally, Nabity Jensen Investment Management Inc bought a new stake in Novo Nordisk A/S in the third quarter valued at about $259,000. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

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.