Novo Nordisk A/S (NYSE:NVO) Shares Down 2.4% - Here's What Happened

Shares of Novo Nordisk A/S (NYSE:NVO - Get Free Report) dropped 2.4% during mid-day trading on Tuesday . The company traded as low as $74.86 and last traded at $75.13. Approximately 2,547,812 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 7,031,036 shares. The stock had previously closed at $77.02.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Dbs Bank lowered shares of Novo Nordisk A/S to a "sell" rating in a research report on Friday, April 25th. Guggenheim downgraded shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. BNP Paribas assumed coverage on shares of Novo Nordisk A/S in a research note on Tuesday, April 15th. They set an "underperform" rating on the stock. Stifel Nicolaus cut Novo Nordisk A/S from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Finally, Kepler Capital Markets raised Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research note on Thursday, March 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $112.00.

Novo Nordisk A/S Stock Performance

The company has a quick ratio of 0.56, a current ratio of 0.74 and a debt-to-equity ratio of 0.70. The company's 50 day moving average price is $68.41 and its 200-day moving average price is $78.69.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.92 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.92. Novo Nordisk A/S had a net margin of 34.52% and a return on equity of 80.94%. The firm had revenue of $11.87 billion for the quarter. As a group, research analysts forecast that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors have recently bought and sold shares of the stock. Cim LLC boosted its holdings in shares of Novo Nordisk A/S by 4.0% in the first quarter. Cim LLC now owns 220,221 shares of the company's stock worth $15,292,000 after buying an additional 8,398 shares during the period. First Hawaiian Bank lifted its position in shares of Novo Nordisk A/S by 0.6% in the 1st quarter. First Hawaiian Bank now owns 22,401 shares of the company's stock valued at $1,556,000 after acquiring an additional 142 shares in the last quarter. Invst LLC acquired a new position in Novo Nordisk A/S in the 1st quarter worth approximately $466,000. Modern Wealth Management LLC purchased a new position in Novo Nordisk A/S during the 1st quarter worth approximately $414,000. Finally, Rhumbline Advisers raised its stake in Novo Nordisk A/S by 10.2% during the 1st quarter. Rhumbline Advisers now owns 63,539 shares of the company's stock valued at $4,412,000 after purchasing an additional 5,898 shares during the period. Hedge funds and other institutional investors 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.