Novo Nordisk A/S (NYSE:NVO) Shares Up 2.6% – What’s Next?

Novo Nordisk A/S (NYSE:NVO)’s share price rose 2.6% on Monday . The stock traded as high as $110.31 and last traded at $110.01. Approximately 1,364,519 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 4,427,205 shares. The stock had previously closed at $107.20.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Cantor Fitzgerald reiterated 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. StockNews.com upgraded shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Finally, BMO Capital Markets lowered 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 investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Novo Nordisk A/S has an average rating of “Buy” and a consensus price target of $144.50.

Novo Nordisk A/S Price Performance

The firm has a market capitalization of $479.83 billion, a PE ratio of 34.60, a price-to-earnings-growth ratio of 1.29 and a beta of 0.42. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.75 and a current ratio of 0.94. The stock’s 50 day simple moving average is $120.23 and its two-hundred day simple moving average is $130.08.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors have recently bought and sold shares of NVO. Wealth Enhancement Advisory Services LLC lifted its holdings in Novo Nordisk A/S by 14.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 289,438 shares of the company’s stock valued at $34,463,000 after acquiring an additional 37,346 shares during the last quarter. Private Wealth Partners LLC lifted its stake in shares of Novo Nordisk A/S by 155.1% in the 3rd quarter. Private Wealth Partners LLC now owns 33,203 shares of the company’s stock valued at $3,953,000 after purchasing an additional 20,188 shares during the last quarter. Channel Wealth LLC grew its holdings in shares of Novo Nordisk A/S by 15.6% during the 3rd quarter. Channel Wealth LLC now owns 57,353 shares of the company’s stock worth $6,829,000 after purchasing an additional 7,756 shares during the period. Buckingham Capital Management Inc. acquired a new stake in shares of Novo Nordisk A/S during the 3rd quarter worth about $3,874,000. Finally, Independence Bank of Kentucky lifted its position in Novo Nordisk A/S by 192.7% in the third quarter. Independence Bank of Kentucky now owns 11,490 shares of the company’s stock valued at $1,368,000 after buying an additional 7,565 shares during the last quarter. 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.