Novo Nordisk A/S (NYSE:NVO) Shares Down 4.2% – What’s Next?

Novo Nordisk A/S (NYSE:NVO) traded down 4.2% during mid-day trading on Friday . The company traded as low as $100.81 and last traded at $100.93. 2,143,479 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 4,430,680 shares. The stock had previously closed at $105.32.

Wall Street Analysts Forecast Growth

NVO has been the subject of several research reports. StockNews.com upgraded shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald reaffirmed 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. Finally, BMO Capital Markets cut their price objective on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $144.50.

Novo Nordisk A/S Stock Down 3.4 %

The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $118.58 and a two-hundred day simple moving average of $129.58. The company has a market cap of $456.56 billion, a PE ratio of 32.93, a price-to-earnings-growth ratio of 1.31 and a beta of 0.42.

Hedge Funds Weigh In On Novo Nordisk A/S

Hedge funds and other institutional investors have recently modified their holdings of the business. TIAA Trust National Association lifted its stake in Novo Nordisk A/S by 18.2% in the 1st quarter. TIAA Trust National Association now owns 11,329 shares of the company’s stock worth $1,455,000 after purchasing an additional 1,745 shares in the last quarter. Patten & Patten Inc. TN acquired a new position in Novo Nordisk A/S during the first quarter worth $258,000. Jacobi Capital Management LLC grew its holdings in Novo Nordisk A/S by 3.8% in the 1st quarter. Jacobi Capital Management LLC now owns 7,935 shares of the company’s stock valued at $1,019,000 after buying an additional 290 shares in the last quarter. Resurgent Financial Advisors LLC increased its stake in shares of Novo Nordisk A/S by 184.4% in the 1st quarter. Resurgent Financial Advisors LLC now owns 1,587 shares of the company’s stock worth $204,000 after acquiring an additional 1,029 shares during the last quarter. Finally, Davis R M Inc. purchased a new position in shares of Novo Nordisk A/S during the 1st quarter worth $201,000. 11.54% of the stock is 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.