Zacks Investment Research cut shares of Novo Nordisk A/S (NYSE:NVO) from a buy rating to a sell rating in a research report report published on Wednesday.
According to Zacks, “Novo Nordisk’s continued growth from Victoza and Tresiba as well as higher contributions from Saxenda and Xultophy are likely to be partly offset by the impact of lower realized prices in the Unites States, loss of exclusivity for products in hormone replacement therapy and intensifying competition within the diabetes and biopharmaceuticals markets, besides macroeconomic conditions in many markets under International Operations. However, the company remains optimistic about Ozempic and results for oral semaglutide and is looking forward to make the first oral GLP-1 treatment available for people with type II diabetes. Shares of the company have underperformed the industry, year to date. Estimates have remained stable ahead of the Q3 earnings release and the company has a positive record of earnings surprises in recent quarters.”
Several other research analysts have also issued reports on the company. Guggenheim assumed coverage on Novo Nordisk A/S in a research report on Monday, October 8th. They set a buy rating on the stock. Bank of America downgraded Novo Nordisk A/S from a buy rating to a neutral rating in a research note on Monday, October 8th. Pareto Securities downgraded Novo Nordisk A/S from a buy rating to a hold rating in a research note on Friday, October 5th. ValuEngine downgraded Novo Nordisk A/S from a hold rating to a sell rating in a research note on Thursday, October 4th. Finally, Deutsche Bank reiterated a buy rating on shares of Novo Nordisk A/S in a research note on Thursday, October 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Novo Nordisk A/S presently has a consensus rating of Hold and a consensus price target of $64.00.
Shares of NYSE:NVO opened at $42.53 on Wednesday. Novo Nordisk A/S has a 1 year low of $41.23 and a 1 year high of $58.37. The stock has a market cap of $115.19 billion, a P/E ratio of 18.18, a price-to-earnings-growth ratio of 2.49 and a beta of 0.66.
Novo Nordisk A/S (NYSE:NVO) last announced its earnings results on Wednesday, August 8th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.04. Novo Nordisk A/S had a return on equity of 83.32% and a net margin of 35.95%. The company had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.33 billion. Equities analysts predict that Novo Nordisk A/S will post 2.52 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the business. Bank of Montreal Can grew its stake in Novo Nordisk A/S by 20.7% during the 3rd quarter. Bank of Montreal Can now owns 160,554 shares of the company’s stock valued at $7,568,000 after purchasing an additional 27,537 shares during the last quarter. Gradient Investments LLC grew its stake in Novo Nordisk A/S by 3.6% during the 3rd quarter. Gradient Investments LLC now owns 47,979 shares of the company’s stock valued at $2,262,000 after purchasing an additional 1,666 shares during the last quarter. JLB & Associates Inc. grew its stake in Novo Nordisk A/S by 0.9% during the 3rd quarter. JLB & Associates Inc. now owns 164,497 shares of the company’s stock valued at $7,754,000 after purchasing an additional 1,472 shares during the last quarter. Ipswich Investment Management Co. Inc. purchased a new stake in Novo Nordisk A/S during the 3rd quarter valued at about $266,000. Finally, Fox Run Management L.L.C. purchased a new stake in Novo Nordisk A/S during the 3rd quarter valued at about $609,000. Institutional investors and hedge funds own 6.65% of the company’s stock.
About Novo Nordisk A/S
Novo Nordisk A/S, a healthcare company, engages in the discovery, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes Care and Obesity, and Biopharmaceuticals. The Diabetes Care and Obesity segment provides insulins, GLP-1 and related delivery systems, and oral anti-diabetic drugs and obesity.
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