Novo Nordisk A/S $NVO Shares Sold by BLKBRD Asset Management LP

Key Points

• BLKBRD Asset Management LP sharply reduced its Novo Nordisk stake by 75.8% in the fourth quarter, selling 211,470 shares and leaving it with 67,544 shares worth about $3.44 million.
• Novo Nordisk said it plans to seek Chinese regulatory approval for its oral Wegovy pill, a move that could expand its obesity drug business into a major growth market and help it compete more effectively with Eli Lilly.
• The company also faces a potential cybersecurity risk after a hacking group claimed to have stolen more than a terabyte of data and attempted a $25 million extortion, adding a negative overhang to sentiment.

BLKBRD Asset Management LP trimmed its position in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 75.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,544 shares of the company's stock after selling 211,470 shares during the period. Novo Nordisk A/S makes up 4.6% of BLKBRD Asset Management LP's portfolio, making the stock its 15th biggest position. BLKBRD Asset Management LP's holdings in Novo Nordisk A/S were worth $3,437,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Smith Chas P & Associates PA Cpas grew its holdings in Novo Nordisk A/S by 105.3% during the 3rd quarter. Smith Chas P & Associates PA Cpas now owns 405,425 shares of the company's stock valued at $22,497,000 after purchasing an additional 207,959 shares in the last quarter. Clifford Swan Investment Counsel LLC grew its holdings in Novo Nordisk A/S by 13.7% during the 3rd quarter. Clifford Swan Investment Counsel LLC now owns 311,168 shares of the company's stock worth $17,267,000 after acquiring an additional 37,453 shares in the last quarter. Quantbot Technologies LP acquired a new position in Novo Nordisk A/S during the 3rd quarter worth $3,171,000. Romano Brothers AND Company grew its holdings in Novo Nordisk A/S by 704.0% during the 4th quarter. Romano Brothers AND Company now owns 34,236 shares of the company's stock worth $1,742,000 after acquiring an additional 29,978 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in Novo Nordisk A/S during the 3rd quarter worth $19,519,000. 11.54% of the stock is owned by institutional investors and hedge funds.

Novo Nordisk A/S News Summary

Here are the key news stories impacting Novo Nordisk A/S this week:

• Positive Sentiment: Novo Nordisk said it plans to seek Chinese regulatory approval for its oral Wegovy pill, which could expand its obesity franchise into one of the world’s largest potential markets and strengthen the company’s long-term growth outlook. Reuters: Novo Nordisk to seek regulatory approval for Wegovy pill in China soon, says CEO
• Positive Sentiment: Reports that the company is moving closer to an oral Wegovy filing in China reinforce the view that Novo Nordisk is broadening its weight-loss pipeline beyond injectables, which could help it compete more effectively with Eli Lilly. Article: Novo Nordisk CPSE: NOVO B Prepares China Filing For Oral Wegovy Pill
• Neutral Sentiment: Several market-watch and Zacks items indicate that Novo Nordisk remains a heavily followed stock, but they do not add major new fundamental information beyond confirming investor interest and ongoing debate about the outlook. Article: Novo Nordisk A/S (NVO) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: A hacking group claimed it stole more than a terabyte of data from Novo Nordisk and attempted to extort $25 million, which raises cybersecurity and reputational concerns that could weigh on sentiment if the breach is confirmed or grows worse. Reuters: Hacking group claims major hack of Novo Nordisk and attempted $25 million extortion

Novo Nordisk A/S Price Performance

Shares of NVO stock opened at $43.59 on Wednesday. Novo Nordisk A/S has a 1-year low of $35.12 and a 1-year high of $75.78. The firm has a fifty day moving average of $42.55 and a two-hundred day moving average of $45.94. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.79 and a quick ratio of 0.56. The firm has a market cap of $194.65 billion, a P/E ratio of 10.23, a P/E/G ratio of 3.92 and a beta of 0.78.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $1.03 EPS for the quarter. Novo Nordisk A/S had a net margin of 37.23% and a return on equity of 63.31%. The business had revenue of $10.85 billion during the quarter. As a group, research analysts anticipate that Novo Nordisk A/S will post 3.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NVO shares. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Novo Nordisk A/S in a report on Tuesday, February 24th. Morgan Stanley raised shares of Novo Nordisk A/S from an "underweight" rating to an "equal weight" rating and set a $40.00 price objective for the company in a report on Tuesday, March 3rd. Zacks Research raised shares of Novo Nordisk A/S from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 10th. Citigroup reissued a "neutral" rating on shares of Novo Nordisk A/S in a report on Tuesday, May 12th. Finally, Wolfe Research started coverage on shares of Novo Nordisk A/S in a report on Thursday, March 26th. They set a "peer perform" rating for the company. Four equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of "Hold" and a consensus price target of $65.56.

Novo Nordisk A/S Profile

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.

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