Hardly for the first time in recent weeks and months, Novo Nordisk (NYSE: NVO) The stock beat the market on Monday. That’s not necessarily difficult when you’re a company with two of the most popular drugs on U.S. pharmacy shelves. Still, shares got a boost on the opening day of the trading week thanks to a pair of increases in analyst price targets. This sent the stock 3% higher, easily outpacing the index’s 0.2% gain S&P500 Table of contents.
In one day, two Novo Nordisk price targets increase
The twin walks came true JPMorgan forecaster Richard Vosser and Morgan Stanley analyst Mark Purcell. The former raised its price target for Novo Nordisk from 750 kroner ($108) to 800 Danish kroner ($115) per share, while the latter raised its price target from 705 kroner ($101) to 730 kroner ($105). Both maintained their equivalent of a buy recommendation.
The price target increases were not really a surprise.
After all, they came one working day after the umpteenth increase, this one was a bump Jefferies analyst Peter Welford. He raised his level from 425 kroner ($61) to 430 kroner ($62) per share, even though he is still bearish on the company with an underperform (read: sell) recommendation.
People can’t get enough of Wegovy and Ozempic
All these steps have been taken in the wake of Novo Nordisk’s latest earnings release. This happened last Thursday, with the documentation showing that the pharmaceutical company achieved 29% year-on-year sales growth in the first nine months of 2023. This was mainly due to the insatiable popularity of the company’s anti-obesity and diabetes drugs, Wegovy and Ozempic.
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