Novo Nordisk A/S (NYSE:NVO) Shares Gap Down – Here’s Why

Novo Nordisk A/S (NYSE:NVO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $105.32, but opened at $101.67. Novo Nordisk A/S shares last traded at $101.65, with a volume of 1,106,475 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price objective on shares of Novo Nordisk A/S in a research note 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 reduced their price target on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Novo Nordisk A/S currently has a consensus rating of “Buy” and an average price target of $144.50.

Novo Nordisk A/S Trading Down 3.3 %

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 company has a market capitalization of $457.05 billion, a P/E ratio of 32.66, a PEG ratio of 1.31 and a beta of 0.42. The company’s fifty day simple moving average is $119.17 and its 200-day simple moving average is $129.75.

Institutional Trading of Novo Nordisk A/S

Hedge funds have recently modified their holdings of the company. GQG Partners LLC raised its stake in shares of Novo Nordisk A/S by 654.6% during the 1st quarter. GQG Partners LLC now owns 3,633,064 shares of the company’s stock worth $466,485,000 after acquiring an additional 3,151,584 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Novo Nordisk A/S by 10,608.4% during the third quarter. International Assets Investment Management LLC now owns 1,813,571 shares of the company’s stock worth $215,942,000 after purchasing an additional 1,796,635 shares in the last quarter. DSM Capital Partners LLC lifted its holdings in shares of Novo Nordisk A/S by 257,816.0% during the 2nd quarter. DSM Capital Partners LLC now owns 1,593,921 shares of the company’s stock valued at $227,516,000 after purchasing an additional 1,593,303 shares during the last quarter. Acadian Asset Management LLC increased its position in Novo Nordisk A/S by 1,300.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,244,128 shares of the company’s stock valued at $159,703,000 after buying an additional 1,155,313 shares in the last quarter. Finally, Mediolanum International Funds Ltd purchased a new stake in Novo Nordisk A/S in the third quarter valued at about $98,765,000. 11.54% of the stock is owned by hedge funds and other institutional investors.

Novo Nordisk A/S Company Profile

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.