Novo Nordisk A/S (NYSE:NVO) Trading Down 2% - Here's What Happened

Novo Nordisk A/S (NYSE:NVO - Get Free Report) was down 2% during mid-day trading on Tuesday . The stock traded as low as $85.17 and last traded at $85.75. Approximately 2,085,345 shares changed hands during trading, a decline of 78% from the average daily volume of 9,575,449 shares. The stock had previously closed at $87.51.

Analysts Set New Price Targets

A number of analysts recently weighed in on NVO shares. BMO Capital Markets decreased their price target on shares of Novo Nordisk A/S from $156.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, December 23rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $160.00 target price on shares of Novo Nordisk A/S in a research note on Wednesday, November 6th. UBS Group raised Novo Nordisk A/S from a "sell" rating to a "buy" rating in a research report on Wednesday, January 8th. Sanford C. Bernstein raised shares of Novo Nordisk A/S from an "underperform" rating to a "market perform" rating in a research report on Monday, January 6th. Finally, BNP Paribas raised shares of Novo Nordisk A/S to a "strong-buy" rating in a research report on Monday, December 2nd. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $145.25.

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Novo Nordisk A/S Stock Performance

The company has a market cap of $378.56 billion, a P/E ratio of 27.30, a PEG ratio of 0.92 and a beta of 0.45. The stock has a fifty day moving average price of $93.97 and a two-hundred day moving average price of $113.62. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75.

Hedge Funds Weigh In On Novo Nordisk A/S

Several hedge funds have recently modified their holdings of the company. Novare Capital Management LLC increased its position in Novo Nordisk A/S by 3.2% during the 3rd quarter. Novare Capital Management LLC now owns 2,727 shares of the company's stock worth $325,000 after purchasing an additional 85 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in shares of Novo Nordisk A/S by 2.5% during the third quarter. Rosenberg Matthew Hamilton now owns 3,812 shares of the company's stock worth $454,000 after buying an additional 94 shares in the last quarter. Burns J W & Co. Inc. NY lifted its stake in shares of Novo Nordisk A/S by 1.9% in the 3rd quarter. Burns J W & Co. Inc. NY now owns 5,430 shares of the company's stock valued at $647,000 after acquiring an additional 100 shares during the last quarter. Spinnaker Trust boosted its holdings in shares of Novo Nordisk A/S by 1.1% during the 3rd quarter. Spinnaker Trust now owns 9,615 shares of the company's stock valued at $1,145,000 after acquiring an additional 100 shares in the last quarter. Finally, Marco Investment Management LLC grew its position in Novo Nordisk A/S by 1.5% during the 3rd quarter. Marco Investment Management LLC now owns 6,702 shares of the company's stock worth $798,000 after acquiring an additional 100 shares during the last quarter. 11.54% of the stock is currently owned by institutional investors and hedge funds.

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.