Novo Nordisk A/S (NYSE:NVO) Shares Gap Up – Time to Buy?

Novo Nordisk A/S (NYSE:NVO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $85.00, but opened at $88.87. Novo Nordisk A/S shares last traded at $88.06, with a volume of 5,108,174 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NVO. BMO Capital Markets reduced their price objective on Novo Nordisk A/S from $156.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday. 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. StockNews.com raised shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, BNP Paribas raised shares of Novo Nordisk A/S to a “strong-buy” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $140.20.

Novo Nordisk A/S Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75. The company has a 50-day simple moving average of $108.39 and a 200-day simple moving average of $124.57. The stock has a market cap of $392.08 billion, a PE ratio of 28.28, a PEG ratio of 1.37 and a beta of 0.40.

Institutional Trading of Novo Nordisk A/S

Hedge funds and other institutional investors have recently made changes to their positions in the stock. American Trust lifted its position in shares of Novo Nordisk A/S by 139.1% during the 3rd quarter. American Trust now owns 12,725 shares of the company’s stock valued at $1,515,000 after acquiring an additional 7,402 shares during the period. Tri Ri Asset Management Corp acquired a new position in Novo Nordisk A/S during the third quarter worth $17,276,000. Peapack Gladstone Financial Corp boosted its position in Novo Nordisk A/S by 17.2% during the third quarter. Peapack Gladstone Financial Corp now owns 28,156 shares of the company’s stock worth $3,353,000 after purchasing an additional 4,122 shares in the last quarter. Synovus Financial Corp grew its holdings in Novo Nordisk A/S by 5.2% in the third quarter. Synovus Financial Corp now owns 54,697 shares of the company’s stock valued at $6,513,000 after purchasing an additional 2,684 shares during the last quarter. Finally, Optimist Retirement Group LLC increased its position in shares of Novo Nordisk A/S by 4.3% in the third quarter. Optimist Retirement Group LLC now owns 2,747 shares of the company’s stock valued at $327,000 after buying an additional 112 shares in the last quarter. Institutional investors and hedge funds own 11.54% of the company’s stock.

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.