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

Novo Nordisk A/S (NYSE:NVO) was down 2% on Tuesday . The company traded as low as $85.17 and last traded at $85.75. Approximately 2,085,345 shares traded 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 Ratings Changes

A number of equities analysts have weighed in on NVO shares. BMO Capital Markets lowered their price objective on Novo Nordisk A/S from $156.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, December 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $160.00 target price on shares of Novo Nordisk A/S in a research report on Wednesday, November 6th. Sanford C. Bernstein upgraded Novo Nordisk A/S from an “underperform” rating to a “market perform” rating in a report 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, StockNews.com cut Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 29th. One 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.com, the company has a consensus rating of “Buy” and a consensus price target of $145.25.

Novo Nordisk A/S Price Performance

The stock has a fifty day moving average of $94.32 and a two-hundred day moving average of $113.82. The stock has a market cap of $382.91 billion, a price-to-earnings ratio of 27.61, a price-to-earnings-growth ratio of 0.90 and a beta of 0.45. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.43.

Institutional Trading of Novo Nordisk A/S

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Valmark Advisers Inc. lifted its position in shares of Novo Nordisk A/S by 2.1% in the fourth quarter. Valmark Advisers Inc. now owns 6,627 shares of the company’s stock valued at $570,000 after acquiring an additional 136 shares in the last quarter. Heathbridge Capital Management Ltd. purchased a new position in Novo Nordisk A/S during the fourth quarter worth about $10,340,000. Hourglass Capital LLC lifted its position in Novo Nordisk A/S by 21.3% during the fourth quarter. Hourglass Capital LLC now owns 18,950 shares of the company’s stock worth $1,630,000 after buying an additional 3,330 shares during the period. Sheaff Brock Investment Advisors LLC lifted its position in Novo Nordisk A/S by 16.1% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 4,027 shares of the company’s stock worth $346,000 after buying an additional 557 shares during the period. Finally, Strategic Financial Concepts LLC lifted its position in Novo Nordisk A/S by 8,384.4% during the fourth quarter. Strategic Financial Concepts LLC now owns 143,810 shares of the company’s stock worth $12,371,000 after buying an additional 142,115 shares during the period. 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.