Novo Nordisk A/S (NYSE:NVO) Stock Price Down 4.2% - Here's What Happened

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

Analysts Set New Price Targets

Several analysts have recently issued reports on NVO shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $160.00 price target on shares of Novo Nordisk A/S in a research note on Wednesday, November 6th. BMO Capital Markets decreased their price target on Novo Nordisk A/S from $160.00 to $156.00 and set an "outperform" rating for the company in a research note on Thursday, October 17th. Finally, StockNews.com upgraded Novo Nordisk A/S from a "buy" rating to a "strong-buy" rating in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $144.50.

Novo Nordisk A/S Stock Performance

The firm has a 50 day moving average of $119.17 and a two-hundred day moving average of $129.75. 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 has a market cap of $457.28 billion, a P/E ratio of 32.66, a P/E/G ratio of 1.31 and a beta of 0.42.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NVO. Kingsview Wealth Management LLC lifted its holdings in shares of Novo Nordisk A/S by 835.9% during the 1st quarter. Kingsview Wealth Management LLC now owns 21,208 shares of the company's stock worth $2,723,000 after acquiring an additional 18,942 shares during the period. Blair William & Co. IL boosted its holdings in Novo Nordisk A/S by 12.9% during the first quarter. Blair William & Co. IL now owns 71,036 shares of the company's stock valued at $9,121,000 after purchasing an additional 8,126 shares in the last quarter. Great Lakes Retirement Inc. bought a new stake in shares of Novo Nordisk A/S in the 1st quarter valued at approximately $791,000. Nwam LLC raised its holdings in shares of Novo Nordisk A/S by 51.3% in the 1st quarter. Nwam LLC now owns 3,831 shares of the company's stock worth $488,000 after buying an additional 1,299 shares in the last quarter. Finally, First Foundation Advisors lifted its position in shares of Novo Nordisk A/S by 3.1% during the 1st quarter. First Foundation Advisors now owns 7,416 shares of the company's stock worth $952,000 after buying an additional 223 shares during the period. 11.54% of the stock is currently owned by institutional investors and hedge funds.

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.

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