Zacks Investment Research Lowers Novo Nordisk A/S (NYSE:NVO) to Hold

Zacks Investment Research downgraded shares of Novo Nordisk A/S (NYSE:NVO) from a buy rating to a hold rating in a research report sent to investors on Friday, October 27th.

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. Estimates have moved up ahead of the Q3 earnings results.”

Several other analysts have also recently commented on NVO. BidaskClub cut shares of Novo Nordisk A/S from a buy rating to a hold rating in a research note on Thursday, June 29th. BNP Paribas cut shares of 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 shares of Novo Nordisk A/S from an underperform rating to a neutral rating in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $55.00.

Shares of Novo Nordisk A/S (NVO) opened at $49.91 on Friday. The firm has a market cap of $127,270.50, a P/E ratio of 21.79, a price-to-earnings-growth ratio of 2.98 and a beta of 0.63. Novo Nordisk A/S has a 12-month low of $30.89 and a 12-month high of $50.95.

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Several institutional investors and hedge funds have recently bought and sold shares of the stock. BB&T Corp increased its holdings in Novo Nordisk A/S by 14.5% in the 3rd quarter. BB&T Corp now owns 128,300 shares of the company’s stock worth $6,177,000 after acquiring an additional 16,202 shares in the last quarter. Willingdon Wealth Management increased its holdings in Novo Nordisk A/S by 3.0% in the 2nd quarter. Willingdon Wealth Management now owns 45,316 shares of the company’s stock worth $1,944,000 after acquiring an additional 1,325 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in Novo Nordisk A/S in the 2nd quarter worth $1,025,000. Kidder Stephen W purchased a new stake in Novo Nordisk A/S in the 2nd quarter worth $202,000. Finally, Pinnacle Associates Ltd. increased its holdings in Novo Nordisk A/S by 4.9% in the 2nd quarter. Pinnacle Associates Ltd. now owns 85,787 shares of the company’s stock worth $3,679,000 after acquiring an additional 3,971 shares in the last quarter. Hedge funds and other institutional investors own 6.04% 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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