Novo Nordisk A/S (NYSE:NVO) Trading Down 2.8% – Time to Sell?

Shares of Novo Nordisk A/S (NYSE:NVO) were down 2.8% on Tuesday . The stock traded as low as $105.77 and last traded at $106.04. Approximately 1,337,813 shares traded hands during trading, a decline of 70% from the average daily volume of 4,429,433 shares. The stock had previously closed at $109.09.

Analyst Upgrades and Downgrades

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

Novo Nordisk A/S Stock Performance

The company has a 50 day moving average price of $119.68 and a 200-day moving average price of $129.92. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The company has a market cap of $472.76 billion, a P/E ratio of 34.47, a PEG ratio of 1.29 and a beta of 0.42.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. 1620 Investment Advisors Inc. acquired a new stake in Novo Nordisk A/S in the 2nd quarter valued at about $25,000. Gilliland Jeter Wealth Management LLC grew its position in Novo Nordisk A/S by 200.0% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock worth $26,000 after buying an additional 120 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Novo Nordisk A/S in the second quarter valued at $25,000. Orion Capital Management LLC acquired a new stake in shares of Novo Nordisk A/S during the 1st quarter valued at $26,000. Finally, Halpern Financial Inc. boosted its stake in shares of Novo Nordisk A/S by 113.0% during the 2nd quarter. Halpern Financial Inc. now owns 213 shares of the company’s stock worth $30,000 after acquiring an additional 113 shares in the last quarter. Institutional investors and hedge funds own 11.54% of the company’s stock.

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.