#2 - Novo Nordisk (NYSE:NVO)
Novo Nordisk A/S (NYSE: NVO) was one of the hottest stocks of 2023 as the company was first-to-market with its GLP-1 obesity drugs Ozempic and Wegovy. However, that growth has stalled in 2024 as competitors have entered the fray.
Nevertheless, revenue and earnings continue to grow year-over-year (YoY) and analysts forecast 38.8% EPS growth in the next 12 months. And about 32% of that revenue growth is coming from the company’s GLP-1 products.
But there’s more to the story. Novo Nordisk continues to be a leader in diabetes treatments on a broad scale. Plus, the company has a deep pipeline that includes treatments for a range of conditions.
NVO stock is trading at around 39x forward earnings which may feel overvalued to some investors. However, the stock is down more than 12% in the three months ending October 17, 2024. That could be a buyable dip. Analysts maintain a consensus Moderate Buy rating with a price target of $144.50, which would be a 21% gain over the next 12 months.
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.
Read More - Current Price
- $102.65
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $144.50 (40.8% Upside)
